XRP Surges 15% to $2.24, Eyes $2.55 Resistance

XRP price has initiated a fresh increase, surpassing the $2.050 resistance level. The cryptocurrency is currently consolidating and needs to settle above $2.20 to continue its upward trajectory. XRP price managed to stay above the $1.880 support zone and started a fresh increase, similar to Bitcoin and Ethereum. The price climbed above the $1.980 and $2.00 resistance levels, forming a high at $2.24 before starting a downside correction. The price dipped below the $2.120 support zone and the 23.6% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high.

However, the bulls were active near the $2.080 support. The price is now trading above $2.100 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.10 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.1680 level. The first major resistance is near the $2.20 level, with the next resistance at $2.250. A clear move above the $2.250 resistance might send the price toward the $2.320 resistance. Any more gains might send 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.

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level and the trend line. The next major support is near the $2.080 level and the 50% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.920 zone.

Technical indicators suggest that the MACD for XRP/USD is now gaining pace in the bullish zone, while the RSI for XRP/USD is now above the 50 level. Major support levels are at $2.100 and $2.080, with major resistance levels at $2.20 and $2.250. The recent price action and technical indicators suggest that XRP is in a bullish trend, with the potential for further gains if it can clear the $2.20 resistance zone. However, if it fails to do so, it could start another decline, with support levels at $2.10 and $2.080. The next major support sits near the $1.920 zone, while the next major resistance is at $2.250. The price action and technical indicators suggest that XRP is in a bullish trend, with the potential for further gains if it can clear the $2.20 resistance zone. However, if it fails to do so, it could start another decline, with support levels at $2.10 and $2.080. The next major support sits near the $1.920 zone, while the next major resistance is at $2.250.