XRP Price Skyrockets by 15%, Altering Short-Term Market Dynamics

XRP has demonstrated a remarkable price surge, moving above $2.20, and is now stabilizing its gains with potential for further upward momentum beyond the $2.40 level.

Key Takeaways

XRP has increased significantly, crossing the $2.20 mark.
Currently, the price is above $2.350 and the 100-hour Simple Moving Average.
A bullish trend line is forming with support at $2.1650 on the hourly XRP/USD chart (data sourced from Kraken).
The next upward movement could occur if XRP stabilizes above $2.40.

XRP Price Rips Higher

XRP Price Experiences Strong Rally

XRP has embarked on an impressive upward journey, surpassing $2.120 and $2.20, following a similar trend seen with Bitcoin and Ethereum. This positive momentum has enabled XRP to clear the $2.250 resistance, with the price even reaching above $2.350. A peak was recorded at $2.416, and the price has since entered a consolidation phase above the 23.6% Fibonacci retracement level, traced from the swing low at $2.11 to the high of $2.416.

XRP Price
Source: XRPUSD on TradingView.com

Should there be a continuation of the upward trend, XRP may encounter resistance around the $2.40 threshold. The first significant resistance lies at approximately $2.420, surpassing which could enable the price to rise and test the $2.450 level. A decisive breakout above $2.450 could lead XRP toward the $2.50 mark, and further improvements might present the possibility of reaching the $2.550 resistance. The next significant obstacle for bullish traders could be near the $2.650 zone.

Potential for Downside Correction

If XRP is unable to break through the resistance at the $2.420 level, a downward trend could commence. Initial downside support is positioned around the $2.350 mark, with the next notable support appearing at approximately $2.260, or the 50% Fibonacci retracement level of the upward move from $2.11 to $2.416.

In the event of a downturn, should the price close below the $2.260 threshold, further declines could lead XRP down toward the $2.20 mark. The following major support is situated near the $2.1650 level, below which prices may continue to drop toward $2.020.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently gaining strength within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now positioned above the 50 level.
Major Support Levels: $2.350 and $2.260.
Major Resistance Levels: $2.420 and $2.450.

XRP is positioning itself in a dynamic and evolving market, with the potential for significant price movements both up and down as traders react to current resistance and support levels.