XRP has initiated a noteworthy upward movement, surpassing the $2.50 mark and setting its sights on further gains past the $2.62 resistance level. As the price currently consolidates, market watchers anticipate the potential for another ascent.
XRP's price has embarked on a significant rise, moving decisively beyond the $2.50 threshold and outperforming both Bitcoin and Ethereum in recent trends.
Trading now comfortably above $2.50, XRP has also crossed its 100-hourly Simple Moving Average. A bullish trend line is developing, offering crucial support at $2.53 on the hourly XRP/USD chart sourced from Kraken. Should the pair overcome the $2.62 resistance, a new upward trajectory may commence.
Recent price movements saw XRP break past the $2.55 and $2.62 resistances, eventually peaking above $2.70 before encountering selling pressure. A high of $2.7267 was recorded, followed by a consolidation phase as the price dipped slightly below $2.620. This move retraced to the 23.6% Fib level from the $2.3272 low to the $2.7267 high. XRP remains trading above $2.50, with a supporting trend line aligning closely with the 50% Fib retracement level from the recent upswing.
Moving higher, XRP may face initial resistance at $2.58, with significant barriers at $2.620 and further at $2.720. Surpassing the $2.720 mark could propel the price towards $2.80, potentially reaching $2.920 or even $3.00 in the short term. However, $3.20 may act as a formidable obstacle for continued bullish momentum.
In the scenario where XRP struggles to breach the $2.620 resistance, a downward trend might emerge. Immediate support lies around $2.520 and aligns with the ongoing trend line. Significant support levels further down include $2.440. A decisive break below $2.440 could precipitate a decline towards $2.350, with additional key support situated near $2.250.
Hourly MACD for XRP/USD is gaining momentum in the bullish zone, while the Hourly RSI remains above 50. Key support levels to watch include $2.520 and $2.440, and main resistance levels stand at $2.620 and $2.720.
