XRP has recently experienced a significant surge, breaking past key resistance levels of $1.15 and $1.20. Currently, the price has risen by over 25% and shows potential for further gains, particularly above the $1.420 threshold.
The coin began its upward trajectory following a solid base formation above $1.050. Following this consolidation, XRP surpassed the critical resistance points, reaching and maintaining levels above $1.250. This momentum has seen it outperform both Ethereum and Bitcoin in recent trading sessions. The breach of a significant bearish trend line at $1.1400 on the hourly chart has further bolstered investor confidence, with the price reaching a high of $1.4161 before entering a consolidation phase. It is currently positioned above the 23.6% Fibonacci retracement level related to the recent price movement.
Moving forward, XRP is trading comfortably above the $1.30 level and above its 100-hourly Simple Moving Average. However, traders should be cognizant of potential resistance around $1.400, with the next key resistance level identified at $1.420. Should momentum build above this point, XRP could approach the $1.50 mark, with further targets reaching $1.550 or even $1.620 if bullish activity continues.
Conversely, should XRP struggle to overcome the $1.420 resistance, a correction could ensue. Initial downside support levels are anticipated around $1.3350, with significant support further down at $1.2850. Any decline past this point could lead to a continued downturn, possibly targeting the $1.240 support level or the 50% Fibonacci retracement point of the recent upward trend.
In terms of technical indicators, the MACD suggests increasing bearish momentum, while the Relative Strength Index indicates XRP remains firmly above neutral territory, suggesting that the situation remains dynamic and warrants close observation.
