XRP has initiated a significant upward movement, surpassing the $3.150 level as it stabilizes its gains. The cryptocurrency appears poised for further growth, contingent upon a successful breach of the $3.2250 resistance level.
Starting from a firm baseline at the $3.00 support area, XRP has advanced past key resistance points at $3.050 and $3.120. This upward trend is supported by a bullish trend line, which rests at $3.10 on the hourly chart for the XRP /USD pair. Presently, the price has settled above $3.120 and the critical 100-hourly Simple Moving Average, suggesting potential for additional increases as long as it maintains this support level.
While XRP ’s increase is notable, it has not outpaced Bitcoin ’s performance significantly. A positive development was the price’s movement above the 50% Fibonacci retracement mark of the descent from the $3.3625 peak down to the $3.00 low. Those looking for opportunities should keep an eye on resistance levels, particularly around $3.2250, which coincides with the 61.8% Fibonacci retracement of the previous drop.
Should XRP manage to overcome the $3.350 resistance, the subsequent targets would be $3.450, and possibly $3.50 or even $3.550 if the bullish momentum continues. A more ambitious target would be the $3.650 mark, potentially leading to new all-time highs.
Conversely, if XRP cannot break through the $3.2250 resistance, it may experience a pullback. Initial support remains at the $3.10 level, with another critical threshold established at $3.00. A decline below $3.00 could trigger a further drop, with subsequent support near $2.880 and $2.750 levels anticipated.
In summary, XRP is currently navigating a crucial phase, with potential for upward movement or a retreat contingent on key resistance and support levels.
