XRP has seen a significant boost in value, rising over 30% and currently trading above the $2.20 level. The cryptocurrency is in a consolidation phase near $2.40, with potential for further gains if it surpasses the $2.50 resistance level.
This recent surge began after XRP found support around the $1.50 level, establishing a solid base before embarking on an upward trajectory. This upward movement has allowed XRP to exceed important resistance thresholds at both $2.00 and $2.20. Following a peak at $2.51, the price has stabilized, experiencing slight dips while testing the $2.30 area. Notably, the price remains above the 100-hourly Simple Moving Average, and a bullish trend line is forming with support situated at $2.08.
Looking ahead, XRP faces immediate resistance around the $2.450 level, with a crucial barrier at $2.500. Should XRP manage to clear the $2.50 resistance, it may pave the way towards $2.550, followed by $2.650. Continued upward momentum could potentially drive prices toward the $2.80 and even $2.880 levels in the foreseeable future. The $3.00 level stands as a critical barrier for bullish traders.
On the downside, if XRP is unable to break through the $2.50 resistance zone, the price may enter a corrective phase. Initial support is anticipated near the $2.350 level, while further critical support levels are positioned at $2.250 and $2.10. Should XRP fall below these support levels, it could face a more significant decline, bringing the $2.00 level into play.
Overall, technical indicators suggest a bullish outlook, with the MACD gaining strength within the bullish zone and the RSI holding above the neutral mark. Key support levels remain at $2.3000 and $2.2000, while resistance levels lie at $2.5000 and $2.6500.
