XRP Price Surges Over 30% Trading Above $2.20
XRP price has increased over 30%, trading above $2.20 and consolidating near $2.40, with potential gains above the $2.50 level.
- XRP is targeting a fresh increase above the $2.00 resistance zone.
- Current trading is above $2.20 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2.08 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price may accelerate if it surpasses the $2.50 resistance.
XRP Price Movement Above $2.00
XRP price found support near $1.500, formed a base, and initiated an upward move above $1.80, surpassing Bitcoin and Ethereum. The price moved above the $2.00 and $2.20 resistance levels.
Currently up over 30%, XRP reached a high of $2.51 and is now consolidating gains after testing the $2.30 level. It retraced slightly below the 2.36% Fib retracement level of the upward move from the $1.818 swing low to the $2.510 high.
The price trades above $2.30 and the 100-hourly Simple Moving Average, supported by a bullish trend line near the 61.8% Fib retracement level from the aforementioned swing low to high.
On the upside, resistance is near $2.450, with major resistance at $2.500 and $2.550. A clear move above $2.550 could lead to a rise towards $2.650, with further gains potentially reaching $2.80 or $2.880. The next significant hurdle for bulls is $3.00.
Potential Pullback
If XRP does not clear the $2.50 resistance, a downside correction may occur. Initial support is near $2.350, followed by major support at $2.250.
A close below $2.250 could lead to a decline towards $2.10, with the next major support at the $2.00 zone.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is gaining pace in the bullish zone.
Hourly RSI: The RSI for XRP/USD is above the 50 level.
Major Support Levels: $2.3000 and $2.2000.
Major Resistance Levels: $2.5000 and $2.6500.