XRP Price Soars Higher: An Unstoppable Rally That Traders Can't Ignore

XRP has experienced a significant increase, surpassing the $2.00 mark. Currently, it is stabilizing its gains and could push further beyond the $2.165 range.

Key Takeaways

XRP has begun a significant upward trend, moving past the $2.00 and $2.020 zones, similar to Bitcoin and Ethereum.
The cryptocurrency is trading above $2.10 and is above the 100-hourly Simple Moving Average.
A bullish trend line is forming, providing support at $2.070 on the hourly chart of the XRP/USD pair (data sourced from Kraken).
If XRP manages to hold above $2.20, it may continue its upward trajectory.

XRP Price Soars Higher

XRP's Price Recovery

XRP has kicked off a notable upward movement, crossing both the $2.00 and $2.020 thresholds, akin to the trends observed in Bitcoin and Ethereum. The cryptocurrency gained momentum, ensuring a clear breakout above the $2.10 resistance level. Traders significantly pushed the price past the $2.150 zone, establishing a high point at $2.165. The price has since entered a consolidation phase, situated above the 23.6% Fibonacci retracement level, calculated from the $1.983 swing low to the recent $2.165 high.

Currently, XRP trades above $2.10 and the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming, with a support level positioned at $2.070 on the hourly chart referenced within the XRP/USD pair.

XRP Price Chart
Source: XRPUSD on TradingView.com

Should there be a continuation in its upward movement, XRP might encounter resistance nearing the $2.1650 mark. The primary resistance level sits around $2.180. If the price can surpass this barrier, it may aim for the $2.20 level. A decisive movement above the $2.20 threshold could propel XRP towards the $2.250 resistance, with any additional gains potentially pushing prices to the $2.320 mark. The next significant challenge for bullish investors could appear near the $2.350 level.

Potential Downside Correction?

Conversely, if XRP does not overcome the $2.1650 resistance, a downward correction could ensue. The initial support level on the downside is close to $2.120. Should the price fall further, the next main support level is near $2.070, which aligns with the 50% Fibonacci retracement level derived from the move between $1.983 and $2.165.

If XRP breaks down and closes below the $2.070 mark, it may continue its descent toward the $2.020 zone. Further down, support could be found around the $2.00 level, below which prices may drop to $1.9650.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is gaining strength within the bullish territory.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD remains above the 50 line, indicating bullish momentum.
Major Support Levels: $2.10 and $2.070.
Major Resistance Levels: $2.1650 and $2.20.