XRP Price Ready to Run? Bulls Eyes Fresh Gains Amid Bullish Setup

XRP price started a fresh increase above the $1.950 resistance. The price is now consolidating and must settle above $2.00 for more gains.

• XRP price started a fresh increase above the $1.880 and $1.950 levels.
• The price is now trading above $1.920 and the 100-hourly Simple Moving Average.
• There was a break above a short-term bearish trend line with resistance at $1.9750 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might extend gains if there is a close above the $2.00 resistance zone.

XRP Price Eyes Fresh Gains

XRP price managed to stay above the $1.780 support zone and started a fresh increase, like Bitcoin and Ethereum. The price climbed above the $1.880 and $1.950 resistance levels.

A high was formed at $2.089 and the price recently started a downside correction. There was a move below the $2.00 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $1.7210 swing low to the $2.0895 high.

However, the bulls were active near the $1.920 support. The price is now trading above $1.950 and the 100-hourly Simple Moving Average. Recently, there was a break above a short-term bearish trend line with resistance at $1.9750 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.00 level. The first major resistance is near the $2.050 level. The next resistance is $2.0750.

A clear move above the $2.0750 resistance might send the price toward the $2.120 resistance. Any more gains might send the price toward the $2.150 resistance or even $2.20 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.00 resistance zone, it could start another decline. Initial support on the downside is near the $1.950 level. The next major support is near the $1.920 level.

If there is a downside break and a close below the $1.920 level, the price might continue to decline toward the $1.90 support and the 50% Fib retracement level of the upward move from the $1.7210 swing low to the $2.0895 high. The next major support sits near the $1.850 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.950 and $1.90.

Major Resistance Levels – $2.00 and $2.0750.