XRP News Today: XRP Surges 10% to $2.475, Eyes $2.50 Resistance

XRP price has found support at $2.20 and has initiated a fresh increase, with the price now gaining momentum and potentially clearing the $2.40 resistance zone. The cryptocurrency has started a fresh increase above the $2.250 zone and is currently trading above $2.30 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support at $2.3650 on the hourly chart of the XRP/USD pair. If the price manages to close above the $2.420 resistance, it might start another increase.

XRP price has remained supported above the $2.220 level and has started a fresh upward wave, similar to Bitcoin and Ethereum. The price has surpassed the $2.250 and $2.320 levels, with the bulls pushing the price above the $2.350 resistance zone to set the pace for more gains. The price tested the $2.475 zone, forming a high at $2.4752 before a pullback. The price dipped below $2.40 and tested $2.330, but it is again rising with a move above the 23.6% Fib retracement level of the downward move from the $2.4752 swing high to the $2.3310 low.

The price is now trading above $2.350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.40 level and the 50% Fib retracement level of the downward move from the $2.4752 swing high to the $2.3310 low. The first major resistance is near the $2.420 level, with the next resistance at $2.480. A clear move above the $2.450 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.550 resistance or even $2.6350 in the near term. The next major hurdle for the bulls might be $2.750.

If XRP fails to clear the $2.420 resistance zone, it could start another decline. Initial support on the downside is near the $2.3650 level, with the next major support near the $2.320 level. If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.250 support. The next major support sits near the $2.220 zone.

Technical indicators suggest that the MACD for XRP/USD is now gaining pace in the bullish zone, while the RSI for XRP/USD is now above the 50 level. Major support levels are at $2.3650 and $2.320, while major resistance levels are at $2.420 and $2.480.