XRP Price Experiences Over 10% Surge as Traders Rejoin the Market Rally

XRP's price has begun a stable rise above $2.20. It is currently consolidating its gains and may target another increase if it maintains a position above $2.180.

Key Takeaways

XRP has initiated a new upward trend above the $2.120 mark.
The price is above $2.20 and the 100-hourly Simple Moving Average.
A significant bearish trend line has been breached at the $2.00 level on the XRP/USD hourly chart (data sourced from Kraken).
The pair may continue to advance if it manages to surpass $2.280.

XRP Price Moves Up

XRP Price Gains Momentum

XRP has initiated a robust upward trend, moving beyond the $2.020 and $2.050 marks, outperforming both Bitcoin and Ethereum. The price gained traction, breaking through the $2.120 resistance level.

Furthermore, it broke above a significant bearish trend line with resistance located at $2.00 on the hourly chart of the XRP/USD pair. The price even moved past the $2.20 mark, peaking at $2.286. Following this surge, it entered a consolidation phase above the 23.6% Fibonacci retracement level from the recent low of $1.817 to the high of $2.286.

Currently, the price is trading above $2.20 and the 100-hourly Simple Moving Average. If further upward momentum develops, the price may encounter resistance near the $2.280 level. The first key resistance is at around $2.320; if cleared, the price could test the $2.350 mark.

XRP Price Chart
Source: XRPUSD on TradingView.com

A successful move above the $2.350 resistance could push the price toward the $2.4620 zone. Any additional gains might aim for the $2.50 resistance level, with the next critical barrier for buyers potentially around $2.550.

Potential for a Decline

Should XRP fail to navigate past the $2.280 resistance area, a downturn could ensue. Initial support on the downside is positioned around the $2.180 level, followed by significant support near $2.080.

If there is a downward movement with a close below $2.080, the price may keep declining towards $2.050, which aligns with the 50% Fibonacci retracement level from the recent low of $1.817 to the high of $2.286. The next substantial support level is around the $2.020 zone; a fall below this could lead the price to drop further toward $1.9250.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD currently stands above the 50 level.
Major Support Levels: $2.180 and $2.080.
Major Resistance Levels: $2.280 and $2.320.