XRP has displayed a stable performance, holding above the $2.10 level, and is poised for potential gains as it targets a break over the $2.30 resistance. The cryptocurrency is currently trading around $2.25, showing signs of upward momentum supported by the 100-hourly Simple Moving Average.
The recent increase in XRP began from the $2.12 support, diverging from the movements observed in Bitcoin and Ethereum . It has successfully ascended past the $2.15 and $2.20 levels, indicating a bullish trend. This positive momentum is evidenced by XRP breaking through the 23.6% Fibonacci retracement level after a pullback from the recent high of $2.383 to a low of $2.130. Notably, a bearish trend line resistance at $2.185 has also been surpassed.
Nevertheless, selling pressure is evident around the $2.25 and $2.26 levels, posing challenges for further upward movement. Should the upward trend continue, XRP might encounter resistance around $2.265 and $2.28. The latter is significant as it aligns with the 61.8% Fibonacci retracement level from the recent price decline. A decisive breakthrough above the $2.30 resistance could pave the way for a rally towards $2.420, with even higher targets of $2.50 or $2.550 in sight. The $2.680 mark represents the next substantial barrier for bullish traders.
Conversely, if XRP cannot overcome the $2.30 resistance, a corrective move could ensue, with primary support levels identified at $2.188 and $2.120. A breakdown below $2.120 could steer XRP further down, potentially testing the $2.050 support, and the crucial $2.00 level thereafter.
In terms of technical indicators, the hourly MACD suggests diminishing bearish momentum, while the Relative Strength Index (RSI) reflects a position above 50, hinting at a strengthening bullish outlook. Major support levels to watch include $2.180 and $2.120, while resistance levels lie at $2.28 and $2.30.
