XRP Price Poised for a Breakout — What’s Next?

XRP price has started to show a steady increase, moving above $2.150. It is currently consolidating its gains and may be set for further growth if it exceeds the $2.250 mark.

Key Takeaways

XRP has begun a fresh increase, moving above the $2.20 level.
The current trading price stands above $2.180 and the 100-hourly Simple Moving Average.
A bullish trend line is forming, with support at $2.170 on the hourly XRP/USD chart.
If it surpasses $2.250, there’s potential for the price to rise further.

XRP Price Coiling for a Breakout

XRP Price on the Rise

Recently, XRP has embarked on a positive movement, surpassing significant resistance levels of $2.050 and $2.080, outperforming Bitcoin and Ethereum. The price gained significant momentum, surpassing the $2.150 resistance and briefly breaking through the $2.20 level, with a peak at $2.286 before undergoing a minor downward correction. This correction has led the price to approach the 23.6% Fibonacci retracement level, correlating to its rise from a low of $1.817 to the high of $2.286.

Now, XRP trades above $2.180, well-placed above the 100-hourly Simple Moving Average. Moreover, a bullish trend line is forming with support located at $2.170 on the hourly chart of the XRP/USD pair.

XRP Price
Source: XRPUSD on TradingView.com

If XRP makes another upward thrust, it may encounter resistance near the $2.250 mark. The first notable resistance level is at around $2.280, which, if exceeded, could lead to further testing of $2.320. A decisive breakthrough above the $2.320 resistance could propel the price toward $2.420, with additional gains potentially targeting $2.450. The next major hurdle for XRP bulls may arrive at the $2.50 level.

Potential Downturn?

Conversely, if XRP cannot break past the $2.250 resistance zone, it could see a fresh decline. Initial support on the downside is located around the $2.170 mark, along with the trend line. Should the price fall further, the next significant support level is near $2.120.

In the event of a downward break and a closure below $2.120, the price may continue to drop towards $2.050, aligning with the 50% Fibonacci retracement level from the climb between $1.817 and $2.286. The next key support lies around the $2.00 zone, below which the price could further decline to approximately $1.9250.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is gaining strength in the bullish territory.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD sits above the 50 mark.
Major Support Levels: $2.170 and $2.120.
Major Resistance Levels: $2.250 and $2.320.

Through this analysis, we see that XRP is very much in a critical moment—a potential move higher or a fresh decline depends on how it behaves around key resistance and support levels.