XRP News Today: XRP Surges 3% Clearing $2.150 Resistance
2min read XRP, the cryptocurrency associated with Ripple, has recently demonstrated a significant breakthrough by surpassing a key resistance level, indicating a potential for fresh upside momentum. The price of XRP found support at $2.080 and initiated a fresh increase, gaining pace and aiming to clear the $2.150 resistance zone. This movement suggests that the cryptocurrency is poised for further gains, as it attempts to surpass the $2.150 barrier.
XRP price started a recovery wave above the $2.10 zone. The price is now trading above $2.120 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $2.1450 on the hourly chart of the XRP/USD pair. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $2.2580 swing high to the $2.078 low. The price is now trading above $2.150 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.1680 level and the 50% Fib retracement level of the downward move from the $2.2580 swing high to the $2.078 low. The first major resistance is near the $2.180 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.220 resistance. Any more gains might send the price toward the $2.250 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.320.
However, the journey has not been without challenges. XRP faced hurdles near $2.365 after attempting a fresh increase above the $2.150 resistance zone. This resistance has led to a correction in gains, as the price currently consolidates. Despite this setback, the overall trend remains bullish, with the price moving broadly sideways between the 200-day Exponential Moving Average (EMA) at $1.99 and a confluence resistance created by the 50-day EMA and the 100-day EMA.
Ask Aime: "Can I invest in XRP now that it's breaking through resistance?"
If XRP fails to clear the $2.180 resistance zone, it could start another decline. Initial support on the downside is near the $2.1320 level. The next major support is near the $2.120 level. If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.080 support. The next major support sits near the $2.050 zone.
Technical indicators such as the Hourly MACD for XRP/USD are now gaining pace in the bullish zone, while the Hourly RSI (Relative Strength Index) for XRP/USD is now above the 50 level. Major support levels are identified at $2.120 and $2.080, while major resistance levels are at $2.180 and $2.20.
Analysts predict that if momentum remains strong, XRP may test the $2.50 to $2.60 range in the near term. This optimistic outlook is supported by the recent price action, which shows the asset struggling to maintain upward momentum after failing to hold above the key resistance level of $2.365. Traders are likely to see XRP price oscillating between key support at $2.13 and resistance near $2.17 in the short term, indicating a range-bound movement with potential for breakouts.
The recent price action of XRP suggests a bullish comeback, with the cryptocurrency eyeing fresh upside momentum. The price has shown resilience, finding support at key levels and attempting to break through resistance zones. While there have been corrections and challenges, the overall trend remains positive, with analysts predicting further gains if momentum is maintained. Traders and investors will be closely watching the $2.150 and $2.365 levels, as these will be crucial in determining the next direction for XRP.
