XRP News Today: XRP Price Surges 2.4% Above $2.40 Zone

XRP price has initiated a consolidation phase above the $2.40 zone, indicating a potential upward trend. The price is currently trading above $2.420 and the 100-hourly Simple Moving Average, suggesting a bullish momentum. There has been a break above a key rising channel with resistance at $2.450 on the hourly chart of the XRP/USD pair, further supporting the bullish outlook. If the price clears the $2.480 resistance, it might start another increase, potentially aiming for an upside break above $2.50.

XRP price has remained supported above the $0.2320 level and has started a fresh increase, following the trends of Bitcoin and Ethereum. The price has moved above the $0.2350 and $0.2365 resistance levels, even surpassing the $0.240 resistance. The bulls have pushed the price toward the $0.250 level, forming a high at $0.2479. The price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high.

The price is now trading above $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.480 level. The first major resistance is near the $2.50 level. The next resistance is $2.550. A clear move above the $2.550 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.80.

If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.450 level. The next major support is near the $2.40 level and the 50% Fib retracement level of the upward move from the $2.3360 swing low to the $2.4796 high. If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.350 support. The next major support sits near the $2.3250 zone.

Technical indicators support the bullish outlook. The MACD for XRP/USD is now gaining pace in the bullish zone, and the RSI for XRP/USD is now above the 50 level. Major support levels are at $2.450 and $2.420, while major resistance levels are at $2.480 and $2.50. The bullish tailwinds in play suggest that XRP price might continue its upward trajectory, with potential resistance levels at $2.550, $2.650, $2.720, and $2.750. However, if the price fails to clear the $2.50 resistance zone, it could start another decline, with support levels at $2.450, $2.40, $2.350, and $2.3250.