XRP's price has surged over 30%, robustly trading above $2.20, and is consolidating near $2.40. As it hovers at this level, the cryptocurrency is poised to push beyond the $2.50 resistance, potentially aiming for further upward movement. It's now world's crypto #3, outperforming USDT and Solana in market cap.
In recent sessions, XRP has successfully targeted a fresh increase above the pivotal $2.00 resistance zone. Currently, it's maintaining its momentum above both the $2.20 mark and the 100-hourly Simple Moving Average. A bullish trend line is emerging on the hourly chart of the XRP/USD pair, showing support near $2.08, sourced from Kraken data. Should the pair surpass the $2.50 resistance, acceleration could follow.
XRP's bullish outlook stems from its resilience near the $1.50 zone and a subsequent upward movement. After establishing a support base, the cryptocurrency outpaced Bitcoin and Ethereum, breaking past significant resistance levels at $1.80, $2.00, and $2.20. The price action led to a peak at $2.51, followed by a period of consolidation as it dipped to $2.30, marking a retracement below the 2.36% Fib level of the recent upswing stretching from $1.818 to $2.510.
Despite the dip, XRP is maintaining a position above $2.30 and the 100-hourly Simple Moving Average. The hourly chart reveals a bullish trend line, closely aligned with the 61.8% Fib retracement level of the noted upswing.
Looking ahead, resistance may appear near $2.450, with notable obstacles at $2.500 and potentially $2.550. A breakthrough past $2.550 could propel the price toward $2.650, and sustained gains might push it toward $2.80 and even $2.880 in the short term. The $3.00 mark emerges as a significant challenge for the bulls.
Should XRP struggle to breach the $2.50 resistance zone, a retracement could ensue. Initial support lies near $2.350, with further significant support around $2.250. A decline below $2.250 might drive the price downward to $2.10, with the formidable support zone resting near $2.00.
In terms of technical indicators, the hourly MACD for XRP/USD is gaining bullish momentum, and the hourly RSI is positioned above the 50 mark, indicating strength. Major support levels are pegged at $2.3000 and $2.2000, while essential resistance levels are noted at $2.5000 and $2.6500.
