XRP is showing signs of a fresh increase from the $2.00 support. The bulls could gain strength if there is a close above the $2.50 level.
XRP Price Holds Key Uptrend Support
In the past few days, XRP saw a couple of swing moves below the $2.350 level like Bitcoin and Ethereum. The price even declined below the $2.20 support zone. However, the bulls were active near the $2.00 zone.
A low was formed at $1.9620 and the price is now well above the $2.00 level and the 50-day simple moving average (blue). There was a move above the $2.15 and $2.20 resistance levels.
XRP price daily chart | Source: TradingView.com
XRP price was able to surpass the $2.30 level and tested the 50% Fib retracement level of the downside correction from the $2.7223 swing high to the $1.9620 low. There is also a major bullish flag forming with resistance at $2.480 on the daily chart.
If the bulls gain strength, they could aim for a fresh surge in the coming sessions. Immediate resistance sits near the $2.440 level or the 61.8% Fib retracement level of the downside correction from the $2.7223 swing high to the $1.9620 low.
The main resistance is near the channel zone and $2.50. A close above the $2.50 resistance zone could start a fresh surge. The first major resistance is near the $2.720 level.
A convincing move and close above the $2.720 resistance zone could send the price toward the $2.90 level. Any more gains might open the doors for a test of $3.0. The next major pivot zone is $3.20, above which the price could surge and test $3.50.
Another Drop?
Conversely, XRP price might struggle to surge above the channel resistance or $2.50. Immediate support is near the $2.15 level. The first major support is $2.00. A downside break below the $2.20 support might call for a drop toward the $1.9620 low.
The main support sits at $1.80 and the channel’s lower trend line. A close below the $1.80 support could spark more losses. In the stated case, the price might decline and test the $1.70 support zone and the 50-day simple moving average (blue).
Overall, XRP price is consolidating above the $2.20 support. The price could soon surge if it clears the $2.480 and $2.50 resistance levels.
