XRP price is gaining bullish momentum above $2.320. The price could find bids if there is a pullback toward the $2.30 zone.
XRP Price Eyes Bullish Reversal
In the last technical analysis, we saw a bullish pattern for XRP price and discussed the chances of an upside break. The bulls did remain in action above the $2.080 support zone. Finally, they were able to clear a few key hurdles near the $2.25 and $2.30 levels.
There was a clear move above a key bearish trend line with resistance at $2.20 on the daily chart. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2.649 swing high to the $1.912 low.
XRP price is up over 5% in the past two sessions and it outperformed Bitcoin. The current price action is positive above the 61.8% Fib retracement level of the downward move from the $2.649 swing high to the $1.912 low, and the 50-day simple moving average (blue).
Immediate resistance on the upside is near the $2.4350 level. There is also a rising channel forming with resistance at $2.4350 on the daily chart. The first major resistance is near the $2.4720 level. A close above the $2.4720 level could open the doors for another surge.
In the stated case, the price could rise toward the $2.650 level. The next resistance is near the $2.720 level, above which the price could accelerate higher toward the $2.880 resistance. Any more gains might open the doors for a move toward the $3.00 zone.
Are Pullbacks Limited?
Conversely, XRP price might fail to clear the $2.4350 resistance and start a downside correction. Immediate support is near the $2.360 level. The first major support sits near the $2.320 level and the channel’s lower trend line.
The next major support is near the $2.250 level and the 50-day simple moving average (blue). A daily close below the 50-day simple moving average (blue) could negate the current bias and start a sustained decline.
In the stated case, the bears might aim for a move toward the $2.080 support. If the bulls fail to protect the $2.080 level, the price could even decline below the $2.020 zone in the medium term. The main support could be $1.920, below which the price could drop to $1.80.
Overall, XRP price is consolidating above the $2.350 support zone. To start a fresh surge, the price must settle above $2.450 and $2.50. If not, there could be a pullback toward the $2.250 support zone.
