XRP Price Surges Over 50% and Eyes Break Above $2.80
XRP price is up over 50%, trading above $2.50 and consolidating near $2.70, with potential gains above the $2.80 level.
- XRP is targeting a fresh increase above the $2.80 resistance zone.
- The price is above $2.50 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance at $2.72 on the hourly chart of the XRP/USD pair (data from Kraken).
- The pair may continue to rise if it surpasses the $2.75 resistance.
XRP Price Extends Surge Above $2.50
XRP accelerated after settling above $2.00, overcoming hurdles near $2.25, outperforming Bitcoin and Ethereum. It surpassed the $2.50 and $2.65 resistance levels.
The price has formed a high at $2.869 and is now consolidating, having dipped to test the $2.70 level. This move was below the 2.36% Fib retracement level of the upward trend from the $2.190 swing low to the $2.869 high.
Currently, XRP trades above $2.50 and the 100-hourly Simple Moving Average. Resistance is anticipated near $2.720, with a contracting triangle forming at this level on the hourly chart.
The first major resistance lies near $2.750, followed by $2.850. A clear movement beyond $2.850 could push the price toward $2.960 and potentially even $3.00 or $3.120 in the near term, with the next significant hurdle at $3.20.
Are Dips Supported?
If XRP does not clear the $2.720 resistance zone, it may initiate a downside correction. Initial support is near $2.650, followed by major support around $2.520 or the 50% Fib retracement level of the move from the $2.190 swing low to the $2.869 high.
A break and close below the $2.520 level may lead to declines toward the $2.450 support, with further support near the $2.30 zone.
Technical Indicators
- Hourly MACD: Gaining pace in the bullish zone.
- Hourly RSI: Above the 50 level.
- Major Support Levels: $2.5200 and $2.4500.
- Major Resistance Levels: $2.7200 and $2.8500.