XRP has seen a significant price increase, climbing above the crucial $2.80 level. The cryptocurrency surged over 10%, and if it manages to breach the $3.20 resistance, further gains may be on the horizon. Currently, XRP is trading above $2.850, supported by a bullish trend line and the 100-hourly Simple Moving Average, indicating strong market momentum.
After overcoming resistance levels at $2.50 and $2.65, XRP continued its upward trajectory. The price not only crossed the $2.80 and $2.850 levels but also pushed past the $2.92 level, signaling robust bullish activity. The cryptocurrency reached a peak of approximately $3.20 and is currently experiencing consolidation above the 23.6% Fibonacci retracement level of its recent surge from a low of $2.333 to the high of $3.20.
However, the road ahead may present challenges. The price could encounter resistance at the $3.050 level, with significant hurdles identified at $3.12 and $3.20. A decisive breakthrough above $3.20 could set XRP on a path toward the $3.320 level. Continued upward momentum might even push the price as high as $3.450 or $3.50 in the near future, with $3.620 emerging as a key resistance point for further gains.
On the flip side, failure to surpass the $3.20 resistance could prompt a downward correction. Immediate support is located around $2.980, followed closely by the $2.800 level, where the bullish trend line and the 50% Fibonacci retracement align. Should the price close below $2.80, a further decline towards the $2.650 support could occur, with $2.50 identified as a critical support area.
Technical indicators signal bullish momentum; the MACD for XRP /USD is strengthening in the positive territory, while the Relative Strength Index remains above the neutral threshold of 50, hinting at continued bullish sentiment among traders.
