XRP News Today: XRP Surges 20% After Breaking Key Resistance Levels

XRP, the cryptocurrency associated with Ripple, has recently exhibited signs of renewed activity following a period of sideways movement and declining volatility. The recent liquidity sweep and the breach of key technical levels indicate a potential shift in momentum. However, bulls are still confronted with several overhead resistances that will determine whether this is a short-term relief rally or the beginning of a more sustained uptrend.

On the daily chart, XRP has shown a strong bounce after sweeping the sell-side liquidity below the $2 level. This movement was followed by a strong bullish engulfing candle, indicating aggressive buying interest from that zone. The price has since reclaimed the 100-day moving average and is currently testing the 200-day MA and the descending resistance of the multi-month descending channel around $2.40. A clean breakout above this zone could pave the way toward the $3 resistance cluster. If the momentum continues, bulls may even target a rally toward the major supply area near $4. However, failure to break this structure could result in another retracement back to the $1.60 demand zone. If that level breaks again without a new higher high, the structure would remain bearish. The RSI at 58 is also neutral-bullish, supporting a short-term continuation move, but not yet signaling overbought conditions.

In the BTC pair, XRP/BTC is still trading inside the descending wedge and hasn’t confirmed a breakout yet. The pair is hovering just beneath the wedge’s upper boundary and the key resistance zone at 2100 SAT, which is just below the 100 and 200 EMAs. Despite several attempts to push higher, it has failed to break and close above this confluence. Until that happens, the downtrend structure remains intact, and the wedge is still in play. If a rejection follows, we could see another drop toward the lower boundary near 1800 SAT. Moreover, the RSI sitting around the neutral 50 level signals indecision, making a confirmed breakout or rejection crucial for the next move.

According to the analyst's forecast, XRP price might experience one more brief dip to $2.235 before it could continue its upward trend. The analyst suggests that if XRP breaches the $3 barrier, it could rise to $5. However, these are forecasts and not actual data. The actual price movement of XRP will depend on various factors, including market sentiment, regulatory developments, and technological advancements. Investors should conduct their own research and consider all relevant factors before making any investment decisions.