XRP is moving higher from the $2.00 support zone. There could be a strong surge if there is a close above the $2.50 and $2.55 levels.
XRP Price Regains Strength
After a downside correction, XRP price found support near the $2.00 zone. A base was formed and the price started a fresh increase above the $2.15 resistance. It gained over 15% in the past few sessions, outperforming Bitcoin and Ethereum.
There was a clear move above the $2.32 resistance the price remained well above the 50-day simple moving average (blue). The bulls pushed it above the 50% Fib retracement level of the downward move from the $2.7223 swing high to the $1.9620 low.
XRP price daily chart | Source: TradingView.com
XRP price is still following a major bullish flag with resistance at $2.50 on the daily chart. If the bulls remain in action, there could be a strong surge. Immediate resistance sits near the $2.50 level and the channel’s trend line.
The next key resistance sits near the $2.55 level. It is close to the 76.4% Fib retracement level of the downward move from the $2.7223 swing high to the $1.9620 low.
A close above the $2.55 resistance zone could start a fresh surge. The first major resistance is near the $2.720 level. The main resistance is near the channel zone and $2.90. A convincing move and close above the $2.90 resistance zone could send the price toward the $3.050 level.
Any more gains might open the doors for a test of $3.20. The next major pivot zone is $3.25, above which the price could surge and test $3.50.
Another Pullback?
Conversely, XRP price might struggle to surge above the channel resistance or $2.50. Immediate support is near the $2.32 level. The first major support is $2.20. A downside break below the $2.20 support might call for a drop toward the $2.05 low.
The main support sits at $2.00 and the 50-day simple moving average (blue). A close below the $2.00 support could spark more losses. In the stated case, the price might decline and test the $1.90 support zone and the channel’s lower trend line.
Overall, XRP price is gaining pace above the $2.32 support. The price could soon surge if it clears the $2.50 and $2.55 resistance levels.
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