After gaining a strong support above the $0.246 level, XRP started a massive uptrend against the USD. The XRP price broke many important resistances around $0.250 and $0.255 to move into a solid bullish zone.

Moreover, there was a close above the $0.255 level and the 100 hourly simple moving average (SMA). Notably, there was a break above a couple of resistances at $0.252 and $0.265 on the XRP/USD hourly chart.

The XRP price finally rallied above the $0.270 level and traded to a new yearly high at $0.276. XRP is currently consolidating gains above the $0.270 zone.

XRP is also having support the 23.6% Fib retracement level of the recent uptrend from the $0.247 low to $0.276 high. Additionally, XRP seems to be trading inside another breakout pattern with resistance close to $0.272.

A successful break above the $0.272 hurdle might pave way for another rally. In such scenario, the price is likely to rise above the $0.276 high. The next major resistance is near the $0.285 level, above which a larger rally towards the $0.300 barrier in the near term is possible.

If XRP price fails to stay above the $0.270 support, it could trigger further losses. The next major support is close to the $0.262 level. It coincides with the 50% Fib retracement level of the recent uptrend from the $0.247 swing low to $0.276 high.

Any further losses may perhaps cause the XRP price to enter into a bearish zone below $0.262. The next major support is close to the $0.258 level since it is near the 61.8% Fib region of the same rally.

Technical indicators also suggest that the hourly MACD for XRP/USD is showing many positive signs in the bullish zone. Its hourly RSI (Relative Strength Index) is currently rising and it is well above the 60 level. Major support levels are at $0.270, $0.265 and $0.262, whereas major resistance levels are also at $0.272, $0.276 and $0.285.

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