XRP has demonstrated a notable upward movement, successfully surpassing the $2.50 threshold, indicating a potential bullish trend. Currently, the cryptocurrency is stabilizing its gains and may be poised to target the resistance level at $2.62. This surge has placed XRP above both $2.50 and the 100-hourly Simple Moving Average, marking a significant milestone in its recent trading activity.
Consolidating above $2.50, XRP experienced a rise that outpaced both Bitcoin and Ethereum , crossing several resistance levels including $2.55 and even peaking above $2.70. Recently, the cryptocurrency reached a high of $2.7267 before encountering selling pressure, resulting in a slight correction below the $2.620 level. This retracement coincided with the breaching of the 23.6% Fibonacci retracement level, making the current trading environment critical for future price movement.
Support appears to be building with the formation of a bullish trend line providing a safety net at $2.53 on the hourly chart. The upward momentum might face initial resistance around $2.58, with significant hurdles at $2.620 and $2.720. Should XRP manage to clear the latter resistance, it could pave the way for a rise towards $2.80 and potentially even higher levels, with targets of $2.920 and $3.00 in sight.
Conversely, should the cryptocurrency struggle to breach the $2.620 resistance, it may trigger a downward correction. The immediate support levels are positioned around $2.520 and near the trend line, while a significant breach below $2.440 could see XRP testing lower support levels at $2.350 and subsequently at $2.250.
In terms of technical indicators, the hourly MACD is gaining strength within the bullish territory, and the RSI remains above the 50 threshold, suggesting that momentum may still favor the bulls in this ongoing market activity.
