XRP News Today: XRP surges 15% to $2.327, faces resistance at $2.280

XRP price initiated a steady increase above the $2.220 zone, marking a significant upward trend. The cryptocurrency surged past key resistance levels, including $2.180 and $2.20, before reaching a high of $2.327. However, the price has since begun to correct these gains, dipping below the $2.280 level and the 50% Fibonacci retracement level of the upward move from $2.165 to $2.327.

The current trading price is above $2.180 and the 100-hourly Simple Moving Average, with a key bullish trend line forming support at $2.20 on the hourly chart of the XRP/USD pair. This trend line is close to the 76.4% Fibonacci retracement level of the same upward move. On the upside, the price may face resistance near the $2.280 level, with major resistance levels at $2.30 and $2.320. A clear move above $2.320 could propel the price towards the $2.350 resistance, and potentially even higher to $2.40 or $2.450 in the near term. The next major hurdle for the bulls is at $2.50.

However, if XRP fails to clear the $2.280 resistance zone, it could start another decline. Initial support on the downside is near the $2.220 level, with the next major support at $2.20. A downside break and close below $2.20 could see the price continue to decline towards the $2.150 support, with the next major support sitting near the $2.120 zone.

Technical indicators show that the MACD for XRP/USD is now losing pace in the bullish zone, while the RSI for XRP/USD is above the 50 level. Major support levels are at $2.220 and $2.20, with major resistance levels at $2.280 and $2.320. The price of XRP is currently in a state of correction, and the next move will depend on whether the bulls can regain momentum and push the price above the key resistance levels.