XRP has experienced a significant upward movement, rising over 50% and currently trading above $2.50. The price is hovering near $2.70 and appears poised to push higher, potentially breaking through key resistance levels above $2.80.
As XRP strives for further gains, its price has established solid support above $2.50, alongside the 100-hour Simple Moving Average. A short-term contracting triangle is forming, indicating resistance at $2.72 on the hourly chart. If the price manages to clear the $2.75 level, this could trigger additional upward momentum.
After managing to settle above the $2.00 threshold, XRP ’s price surged past several resistance levels, including $2.25 and $2.50, outperforming major cryptocurrencies like Bitcoin and Ethereum . The recent high reached $2.869, followed by a slight pullback as the price tested $2.70. It has dipped below the 2.36% Fibonacci retracement level from its recent swing low at $2.190 to the high of $2.869. Currently, the price is maintaining its position above $2.50, with a potential resistance target at $2.720.
The first major resistance level to watch is around $2.750, followed by $2.850. A decisive movement above $2.850 could propel XRP towards the $2.960 level, while further gains could set the stage for approaching the $3.00 resistance level. Ultimately, if bullish momentum continues, the price could even reach $3.120 in the near future. The bulls also need to keep an eye on the $3.20 level as a potential barrier.
Conversely, if XRP fails to overcome the $2.720 resistance, a corrective phase may commence. Initial support is expected around $2.650, followed by a key support level at $2.520, which coincides with the 50% Fibonacci retracement of the recent upward trend. A significant decline below this support might lead the price toward $2.450 and then $2.30 as the next critical support level.
In the technical realm, the hourly MACD is showing bullish signals, indicating strength in the ongoing price action, while the RSI is firmly above the neutral line of 50, suggesting further upside potential remains viable.
