XRP Surges 12% Above $2.120 Resistance, Eyes $2.240

XRP price has recently shown signs of a potential bullish reversal, with a fresh increase above the $2.120 resistance level. The cryptocurrency is currently consolidating, and a settlement above $2.1680 could pave the way for further gains. XRP has managed to stay above the $1.920 support zone and has climbed above the $2.00 and $2.020 resistance levels, forming a high at $2.244 before starting a downside correction.

Despite dipping below the $2.10 support zone and testing the 50% Fib retracement level, XRP has remained well-bid near the $2.080 support. The price is now trading above $2.100 and the 100-hourly Simple Moving Average, with a connecting bullish trend line forming with support at $2.120 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.1680 level, with the first major resistance near the $2.20 level and the next resistance at $2.240.

A clear move above the $2.240 resistance might send the price toward the $2.320 resistance, with any more gains potentially sending the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.550. However, if XRP fails to clear the $2.1680 resistance zone, it could start another decline, with initial support on the downside near the $2.120 level and the trend line. The next major support is near the $2.080 level, with a downside break and a close below this level potentially sending the price toward the $2.050 support and the 61.8% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. The next major support sits near the $1.920 zone.

Technical indicators suggest that the MACD for XRP/USD is now losing pace in the bullish zone, while the RSI for XRP/USD is now above the 50 level. Major support levels are at $2.1200 and $2.080, while major resistance levels are at $2.1680 and $2.200. Overall, the recent price action suggests that XRP could be poised for a bullish reversal, but traders should remain cautious and monitor key support and resistance levels closely.