XRP price started a consolidation phase above the $2.150 resistance zone. The current price action suggests the price could soon restart its increase.
XRP Price Aims Higher
In the last analysis, we saw a decent increase and a bullish breakout XRP price above the $2.150 and $2.20 levels. The bulls were able to clear a few hurdles to push the price in a bullish zone, like Ethereum. The price settled above a major bearish trend line with resistance at $2.350 on the daily chart.
Finally, the price surpassed $2.50 and tested the $2.650 resistance before the bears appeared. Recently, there was a minor downside correction below the $2.50 level. The price dipped below the 23.6% Fib retracement level of the recent increase from the $1.6155 swing low to the $2.6541 high.
XRP price retested the same trend line and remained well above the 50-day simple moving average (blue). The current price action suggests the price is consolidating the recent bullish move and might soon resume higher.
Immediate resistance on the upside sits near the $2.50 level. The first major resistance is near the $2.650 level. A close above the $2.650 level could open the doors for another surge. In the stated case, the price could rise toward the $2.880 level.
The next resistance is near the $3.00 level, above which the price could accelerate higher toward the $3.20 resistance. Any more gains might open the doors for a move toward the $3.50 zone.
Another Decline?
Conversely, XRP price might continue to move down if it stays below $2.650. Immediate support is near the $2.40 level and the trend line zone. The first major support sits near the $2.20 level and the 50-day simple moving average (blue).
The next major support is near the $2.1350 level and the 50% Fib retracement level of the recent increase from the $1.6155 swing low to the $2.6541 high. A daily close below the $2.1350 level could spark another major decline.
In the stated case, the bears might aim for a move toward the $2.00 support. If the bulls fail to protect the $2.00 handle, the price could even decline below the $1.6155 low in the medium term.
Overall, XRP price is consolidating gains above the $2.20 support zone. If the bulls remain active above the $2.20 support, the price could start another increase and clear $2.650.
