XRP Price Jumps Over 5%
XRP price is currently experiencing a notable upswing, having risen over 5% from the crucial support level of $2.50. This positive momentum suggests that the price may target a clear breakout beyond the resistance zone at $2.820. Following its ascent above the $2.550 mark, XRP has indicated bullish trends, outperforming both Bitcoin and Ethereum in recent sessions.
- XRP price started a fresh increase above the $2.550 level.
- The price is now trading above $2.650 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2.620 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.750 resistance zone.
The price surged past significant barriers, overcoming the $2.60 and $2.620 resistance levels with ease. Alongside this, it broke through the 50% Fibonacci retracement level of the previous decline from the swing high of $2.8320 to the low of $2.470. Currently, XRP is trading comfortably above $2.650, supported by the 100-hourly Simple Moving Average, positioning itself for potential gains.
As for upcoming challenges, the primary resistance area is identified around the $2.750 level, closely aligning with the 76.4% Fibonacci retracement level. Should XRP manage to surpass this threshold, it may pave the way for further advancements toward $2.880, or even $2.920 in the immediate future, as bullish momentum builds. The next significant target for XRP’s upward trajectory could be the psychological $3.00 mark.
Another Decline?
On the flip side, if XRP fails to navigate past the $2.750 resistance level, the market might witness a potential downturn. Initial support is expected near the $2.650 level, with the next key support identified at $2.60. If the price experiences a downside breach and closes below $2.60, it could lead to a further decline toward the $2.550 support level, challenging the $2.50 zone.
Technical Indicators Overview
- Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD stands above the 50 level, indicating a healthy upward trend.
Conclusion
The recent gains in XRP price highlight a critical phase where maintaining upward momentum could result in significant gains. Traders and investors should keep a close watch on the resistance levels at $2.750 and $2.820, which will be pivotal in defining XRP’s next movement. Meanwhile, risk management strategies should be exercised in light of potential declines if key support levels are breached.
