XRP News Today: XRP Surges 7.3% Breaking $2.6 Resistance

The crypto market has experienced a significant rally, with prices soaring more than 7%, reflecting a heightened risk appetite among investors. This surge has benefited almost all top altcoins, with Ethereum leading the gains with an over 8% jump. XRP, in particular, has seen a notable increase, adding more than 7% during the day after weeks of consolidation between the $2 and $2.3 levels.

XRP price has surged more than 7.3% in the 24-hour timeframe, breaking the brief $2.6 resistance and changing hands at $2.76. This indicates robust confidence among investors towards the asset. The derivatives data also reflects this bullish momentum, with Ripple coin’s Futures Open Interest recording a jump of over 12% to $6.39 billion, its highest level since February this year. However, the Ripple coin’s Relative Strength Index (RSI) has crossed the brief 70 mark, indicating an overbought condition of the asset. This may prompt some investors to exit with profits in the coming days.

Despite the short-term woes, market experts remain bullish on the long-term trajectory of the coin. Breaking the $2.6 resistance aligns with the latest forecast of analyst Ali Martinez, who had predicted a potential surge of XRP price to $2.6 when Ripple’s coin was at the $2.34 level.

As the XRP price continues to make new records after a week of consolidation, investors are evaluating the potential future movement of the coin. The latest surge has pushed XRP’s value to around 18% in the weekly chart, extending its monthly gains to around 13%. Analyst EGRAG CRYPTO predicts XRP will hit $2.70 to $2.80 before experiencing a pullback, potentially moving higher afterward. Dark Defender’s RSI chart analysis suggests a surge to $3.61 is possible, citing similarities to November’s strength. AltcoinGordon also sees upside potential, targeting $3.40.

Analyst CasiTrades predicted $2.69 as the next key level, with minimal resistance in between, and the coin has already surpassed this level. If the ongoing momentum sustains, XRP price could reach this target. For those looking to enter a position, CasiTrades advises waiting for a retrace to the $2.45 zone, rather than chasing breakouts. Now that $2.69 is breached, two scenarios are possible: a rejection and pullback or a breakout and support test, potentially leading to a bullish continuation to $3+. This also comes in tandem with EGRAG CRYPTO’s analysis, which has warned of a short-term pullback once it hits the $2.7 level.

Despite the bullish outlook, analysts have urged caution as the technical indicators or historical performance do not guarantee future returns. Javon Marks, in a recent X post, said that XRP’s historical performance indicates a surge to at least $9.6. However, investors should walk cautiously as the historical performance does not ensure future movements.