The XRP price has embarked on a fresh rally, starting from the $2.320 support zone. As it continues its upward trajectory, the cryptocurrency is eyeing a potential breakthrough past the $2.55 resistance level.
Key Highlights of the XRP Price Movement
- XRP price initiated a fresh surge above the $2.35 zone.
- The cryptocurrency is currently trading above $2.40, comfortably positioned above the 100-hourly Simple Moving Average.
- A pivotal break occurred above a connecting bearish trend line, with resistance pegged at $2.44 on the hourly chart of the XRP/USD pair (data sourced from Kraken).
- The pair may embark on another rally if it successfully surpasses the $2.525 resistance level.
XRP Price Regains Traction
Following in the footsteps of major cryptocurrencies like Bitcoin and Ethereum, the XRP price has embarked on a commendable upward journey, surpassing the $2.40 mark. The momentum continued as it broke through the critical resistance levels at $2.45 and $2.50. A notable development was the break above a connecting bearish trend line, with resistance established at $2.44 on the hourly chart.
XRP’s value even soared past the $2.550 mark before encountering selling pressure. A peak was observed at $2.5870, after which the price began consolidating its gains. A slight pullback saw the price dipping below $2.5250, testing the 50% Fibonacci retracement level of the upward move from the $2.3272 swing low to the $2.5870 high.
Currently, XRP is trading above the $2.40 threshold and the 100-hourly Simple Moving Average. On the upside, resistance may be encountered near the $2.525 level, with the first significant resistance positioned at $2.550. A subsequent resistance level stands at $2.5850. A decisive move beyond the $2.5850 resistance could propel the price towards the $2.650 milestone.
If momentum sustains, further gains could push XRP towards the $2.720 resistance or even the $2.750 mark in the short term. For the bulls, the next major challenge lies at the $2.880 level.
Possibility of Another Decline?
Should XRP fail to overcome the $2.525 resistance zone, it might revisit a downward trend. Initial support on the downside is identified near the $2.4550 level, with the subsequent major support found at $2.420, coinciding with the 61.8% Fibonacci retracement level of the upward move from the $2.3272 swing low to the $2.5870 high.
A bearish break and a closure below the $2.420 level could extend the decline towards the $2.320 support. Beyond this, the next significant support is positioned near the $2.250 zone.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is currently gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now positioned above the 50 level, indicating bullish sentiment.
Major Support Levels: $2.4550 and $2.420.
Major Resistance Levels: $2.5250 and $2.5850.
