The XRP price has initiated a robust upward trajectory, breaking through the significant resistance barrier at $2.25. The digital asset’s value has surged more than 10%, with potential momentum to challenge the next resistance level, which stands at $2.50.
Key Highlights
- XRP has embarked on a fresh upward momentum, surpassing the $2.25 mark.
- Currently, XRP is trading above $2.30, maintaining a position above the 100-hourly Simple Moving Average.
- A pivotal breach occurred above a bearish trend line, with resistance positioned at $2.215 on the hourly chart of the XRP/USD pair, according to Kraken’s data.
- The pair is poised for further gains if it successfully surpasses the $2.475 resistance level.
XRP Price Embarks on a New Ascent
The XRP price has embarked on a remarkable ascent, surpassing the $2.20 threshold, outperforming major cryptocurrencies like Bitcoin and Ethereum. The rally saw the price breaking past the $2.25 and $2.30 resistance levels.
During this upward movement, a significant breach occurred above a bearish trend line with a resistance level at $2.215 on the hourly chart of the XRP/USD pair. This allowed the pair to exceed the crucial 61.8% Fibonacci retracement level, recovering from the downward trend between the $2.64 high and the $1.899 low.
Nevertheless, bearish forces are currently active below the $2.475 barrier, which aligns with the 76.4% Fibonacci retracement level of the previous downward wave. At present, XRP trades confidently above $2.350 and the 100-hourly Simple Moving Average. On the upward trajectory, XRP may encounter resistance at the $2.45 level, with the first major resistance point at the $2.4750 level.
If bullish momentum persists, breaking through the $2.50 resistance level could propel the price towards the $2.550 milestone. Continued gains could even drive the price towards $2.650 or potentially $2.720 in the short term. The next formidable obstacle for the bulls is likely around the $2.880 mark.
Potential Pullback Scenario
Should XRP struggle to overcome the $2.475 resistance zone, it might face another downward correction. The initial support level on this path lies near $2.280, with the next significant support around the $2.20 region.
A decisive break and closure below the $2.20 level could pave the way for further declines, testing the $2.080 support level. The subsequent major support is situated near the $2.00 mark.
Technical Indicators
- Hourly MACD: The MACD for the XRP/USD pair is gaining strength in bullish territory.
- Hourly RSI (Relative Strength Index): The RSI is positioned above the 50 level, indicating bullish momentum.
- Major Support Levels: $2.280 and $2.200.
- Major Resistance Levels: $2.4750 and $2.6450.
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