XRP Surges 5% to $2.12, Bullish Momentum Intensifies

XRP price has initiated a fresh increase from the $2.00 zone, currently consolidating above $2.050. This upward movement suggests a potential break above the $2.20 level, indicating bullish momentum. The price is trading above $2.080 and the 100-hourly Simple Moving Average, with a notable break above a key bearish trend line at $2.080 on the hourly chart of the XRP/USD pair. This break suggests that the bulls are gaining control, potentially leading to further gains if the price clears the $2.120 resistance zone.

XRP price has managed to stay above the $2.00 support level, initiating a recovery wave similar to Bitcoin and Ethereum. The price has traded above the $2.020 and $2.050 levels, forming a high at $2.1235. The price is now consolidating above the 23.6% Fib retracement level of the upward move from the $2.038 swing low to the $2.123 high. The bulls have successfully pumped the price above the $2.10 level, indicating strong buying pressure.

The price is currently trading above $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.120 level, with the first major resistance near the $2.150 level. If the price clears the $2.120 resistance zone, it could potentially move towards the $2.1850 resistance. A clear move above the $2.1850 resistance might send the price toward the $2.250 resistance, with further gains potentially reaching the $2.320 or even $2.350 resistance levels in the near term. The next major hurdle for the bulls might be $2.50.

However, if XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level, with the next major support near the $2.080 level and the 50% Fib retracement level of the upward move from the $2.038 swing low to the $2.123 high. If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.

Technical indicators suggest bullish momentum. 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 $2.080 and $2.050, while major resistance levels are at $2.120 and $2.150. The current technical setup suggests that XRP is in a bullish phase, with potential for further gains if the price can clear key resistance levels.