XRP Surges Above $2.40, Bulls Eye $3.00 as Resistance Levels Fall
1min read XRP, the native cryptocurrency of Ripple, has been demonstrating a strong recovery, with its price surging from the $2.20 zone. The cryptocurrency is now trading above $2.40 and the 100-hourly Simple Moving Average, indicating a bullish trend. A connecting bullish trend line has formed with support at $2.480 on the hourly chart of the XRP/USD pair, further solidifying the upward momentum.
Analysts are optimistic about XRP's prospects, with some predicting a potential breakout if the cryptocurrency can clear the $2.550 resistance zone. This would pave the way for a rally towards the $2.60 and $2.70 resistance levels, followed by the $2.80 and $2.880 resistance zones. The next major hurdle for the bulls would be the $3.00 mark.
However, if XRP fails to breach the $2.550 resistance zone, it could face another decline. Initial support on the downside is near the $2.480 level and the trend line, with the next major support sitting at the $2.40 level. A downside break and a close below the $2.40 level could lead to a further decline towards the $2.320 support and the $2.20 zone.
Technical indicators suggest a bullish trend for XRP. The MACD (Moving Average Convergence Divergence) is gaining pace in the bullish zone, while the RSI (Relative Strength Index) is above the 50 level. The major support levels are $2.40 and $2.320, while the major resistance levels are $2.550 and $2.70.
In conclusion, XRP's price has been gearing up, and it is poised to overcome key resistance levels. The cryptocurrency's recent recovery and positive market sentiment have analysts and investors bullish on its prospects. However, the path to new heights is not without challenges, and investors should remain cautious and manage their risks accordingly. The coming days and weeks will be crucial in determining whether XRP can successfully breach these resistance levels and reach new all-time highs.
