XRP Surges 18%: Bulls Eye $4.19 as Resistance Levels Loom

XRP, the third-largest cryptocurrency, has experienced a significant surge in the past week, gaining approximately 18% and currently trading at around $2.75. The digital asset briefly touched a high of $2.80 before retracing. As the market awaits further developments, key support and resistance levels will play a crucial role in shaping XRP's price action in the coming sessions.

Bitcoin, the leading cryptocurrency, has been trading below important resistance levels, failing to establish a clear trend. At the time of writing, Bitcoin is trading at approximately $96,500, having declined by more than 2% in the last 24 hours.

Analysts have identified potential bullish scenarios for XRP. If the price breaks above the $2.79 to $2.80 resistance range, the next upside targets could be $2.96 and $3.30. A strong breakout could potentially push the price further towards $4.19 or even $5. However, until a clear breakout above the resistance levels is observed, the market may continue to consolidate.

Looking ahead, if XRP breaks out decisively above the current resistance, it could potentially head towards new highs. However, traders should be aware of potential pullbacks into support areas. Analysts are closely watching the $2.80 level for a breakout, with the ultimate target being the all-time high of $3.40.

The price of XRP witnessed a strong rally in November, breaking above the 2021 high of $1.96. After reaching a high of $2.90 in early December, the digital asset entered a corrective sideways pattern. Although the market has been volatile, the range remains quite large. However, the price found support around $1.95 in early February, which could act as a key point for future price movements.

In the mid-term, the support range for XRP is between $1.96 and $2.35. While a rally from the low around February 3rd is currently in play, some experts believe the price may still see another dip into the support area before a major breakout.