XRP News Today: XRP Surges 8.8% This Week Targeting $2.50 Breakout

XRP, the cryptocurrency associated with Ripple, has been consolidating around the $2.40 mark, with technical indicators suggesting a potential bullish breakout. The cryptocurrency is now showing upward movement and could target a breakout above $2.50. This consolidation follows a significant rise from recent lows, indicating a strong upward momentum.

XRP pushed through the $2.35 and $2.365 resistance levels during its recent climb. The price also cleared the $2.40 resistance zone. A key development occurred when XRP broke above a rising channel. This channel had resistance positioned at $2.450 on the hourly chart. Bulls drove the price toward the $2.50 level during this move. The cryptocurrency reached a high of $2.4796 before entering its current consolidation phase.

The bullish sentiment surrounding XRP is further supported by its recent performance, with the cryptocurrency surging by 8.8% this week. This surge has positioned XRP to potentially break through the $2.50 resistance level, a critical milestone for bulls. The current trading range for XRP is between support at $2.40 and resistance at $2.50, with a decisive breakout from this zone likely to define the next significant price movement.

XRP's bullish strength is evident as it trades at $2.41, up 3.17% on the day. After rebounding from the day's low of $2.3141, it is now climbing towards the $2.50 resistance level. This upward trajectory is a testament to the bullish sentiment and the potential for further gains in the near future. The technical indicators and the recent price action suggest that XRP is poised for a breakout, with analysts setting their sights on the $2.50 target.

If XRP fails to clear the $2.50 resistance, a decline could follow. Initial support on the downside sits near $2.450. The next major support level is at $2.40. This coincides with the 50% Fibonacci retracement level of the recent upward move. A break below $2.40 could lead to further declines. The price might then test the $2.350 support level. The next major support zone sits near $2.3250. This level could provide strong buying interest if reached.

Technical indicators are showing bullish momentum. The hourly MACD is gaining pace in the bullish zone. The RSI indicator is trading above the 50 level. This suggests continued upward momentum in the near term. Major support levels are positioned at $2.450 and $2.420. Key resistance levels sit at $2.480 and $2.50.

Beyond $2.50, the next resistance level is positioned at $2.550. A clear break above this level could send XRP toward $2.650. Further gains might push the price to the $2.720 resistance. The cryptocurrency could even reach $2.750 in the near term. The next major challenge for bulls would be the $2.80 level. This represents a key psychological resistance zone.