XRP news today: XRP Price Surges 10% to $2.359, Faces Consolidation

XRP price has recently experienced a notable increase, surpassing the $2.30 mark. This upward trend has been significant, as it has outperformed both Bitcoin and Ethereum. However, the price has since begun to correct, currently holding above the $2.220 support zone. The price is now trading below $2.2650 and the 100-hourly Simple Moving Average, indicating a potential consolidation phase.

XRP's recent upward wave saw it break through key resistance levels at $2.250 and $2.280, reaching a high of $2.359. Following this peak, the price initiated a downward correction, dipping below the $2.30 and $2.280 support levels. It tested the $2.220 support zone, forming a low at $2.2220. The price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.359 swing high to the $2.2220 low.

On the hourly chart of the XRP/USD pair, there is a key contracting triangle forming with support at $2.220. This technical pattern suggests that the price might start another increase unless there is a close below the $2.220 support. On the upside, the price might face resistance near the $2.250 level, with the first major resistance near the $2.280 level. The next resistance is at $2.30 and the 61.8% Fib retracement level of the downward move from the $2.359 swing high to the $2.2220 low.

A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any further gains might push the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.420. However, if XRP fails to clear the $2.2650 resistance zone, it could start another decline. Initial support on the downside is near the $2.220 level, with the next major support near the $2.20 level. If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.160 support, with the next major support sitting near the $2.120 zone.

Technical indicators suggest that the MACD for XRP/USD is now gaining pace in the bearish zone, while the RSI for XRP/USD is now below the 50 level. Major support levels are at $2.220 and $2.20, with major resistance levels at $2.2650 and $2.30. The current price action indicates a period of consolidation, with the potential for further gains if the price can break above the $2.30 resistance. However, a failure to do so could lead to further declines, with key support levels at $2.220 and $2.20.