The XRP price has demonstrated stability above the crucial $2.10 zone, showing signs of a potential upward movement. This resilience is paving the way for a possible surge beyond the $2.30 resistance level, sparking interest among traders and investors.
- XRP is making efforts to climb above the $2.20 resistance zone.
- The cryptocurrency is currently trading around $2.25, aligning with the 100-hourly Simple Moving Average.
- A breakout above a bearish trend line with resistance at $2.185 was observed on the hourly chart of the XRP/USD pair (data sourced from Kraken).
- Clearing the $2.30 resistance could trigger a substantial increase in price.
XRP Price Eyes A Comeback
Unlike Bitcoin and Ethereum, XRP has initiated a fresh upward movement from the $2.12 support level. This momentum has led to a notable rise above the $2.15 and $2.20 thresholds. The price managed to surpass the 23.6% Fibonacci retracement level, calculated from the $2.383 swing high to the $2.130 low. Furthermore, a breakout above a connecting bearish trend line with resistance at $2.185 was seen on the hourly chart of the XRP/USD pair.
However, the upward trajectory faced headwinds near the $2.25 and $2.26 resistance levels. Currently, XRP is trading close to $2.25, coinciding with the 100-hourly Simple Moving Average. On the upside, potential resistance looms near the $2.265 mark, with the first significant barrier at the $2.28 level, aligning with the 61.8% Fibonacci retracement level of the previous downward move from the $2.383 peak to the $2.130 trough.
The next key target for the bulls is the $2.30 resistance. A decisive move beyond this level could propel the price towards the $2.420 resistance. Further gains might see XRP reaching the $2.50 or even $2.550 zone in the near term. A major hurdle for continued bullish momentum could emerge around $2.680.
Potential for Another Decline?
Should XRP fail to breach the $2.30 resistance zone, there is a possibility of another downward correction. Initial support on this path is anticipated near the $2.188 level, with more robust support around $2.120. A downside break and closure below the $2.120 level could lead to a further decline, targeting the $2.050 support level, with the next significant support near the $2.00 area.
Technical Indicators
The technical indicators are providing mixed signals:
- Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is positioned above the 50 level, indicating a neutral to slightly bullish sentiment.
Key Support and Resistance Levels
- Major Support Levels: $2.180 and $2.120
- Major Resistance Levels: $2.28 and $2.30
As XRP navigates these critical levels, traders and investors are advised to monitor the market closely for any developments that could influence the cryptocurrency’s trajectory. The interplay of support and resistance levels will be pivotal in determining the next phase of XRP’s price movement.
