XRP Price Surges 30%: Can the Momentum Sustain?

XRP Price Surges 30%: Can the Momentum Sustain?

XRP, the native cryptocurrency of Ripple, has witnessed a significant price increase, surging over 30% and breaching the $2.50 resistance level. The price is now trading above $2.750 and the 100-hourly Simple Moving Average (SMA). A bullish trend line has formed with support at $2.40 on the hourly chart of the XRP/USD pair.

The XRP price extended losses towards the $2.00 level before reversing course, mirroring the broader market trend seen in Bitcoin and Ethereum. The price then started a fresh increase, surging above the $2.50 and $2.65 levels, and even testing the $3.00 resistance. A high was formed at $3.00, and the price is now consolidating gains.

The price has traded towards the 23.6% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high. On the upside, the price might face resistance near the $2.90 level, with the first major resistance at $3.00. The next resistance levels are $3.20, $3.350, and $3.420, with the next major hurdle for the bulls being $3.50.

If XRP fails to clear the $3.00 resistance zone, it could start another decline. Initial support on the downside is near the $2.750 level, with the next major support at $2.620. A downside break and a close below the $2.62 level could lead to further declines towards the $2.50 support and the trend line.

Technical indicators suggest that the MACD for XRP/USD is losing pace in the bullish zone, while the RSI is above the 50 level. Major support levels are $2.750 and $2.620, while major resistance levels are $2.950 and $3.00.