XRP has started a notable upside move, surpassing the $2.50 mark and aiming for further gains after the $2.62 resistance level. As the price is currently consolidating, market watchers are predicting another upside potential.
XRP price has started to rise significantly, surpassing the $2.50 mark and outperforming both Bitcoin and Ethereum in recent trends.
Currently trading comfortably above $2.50, XRP has also broken above its 100 hourly simple moving average. There is a rising trend line developing, providing important support at $2.53 on the hourly chart of XRP/USD sourced from Kraken. If the pair clears the $2.62 resistance, a new upward trajectory could begin.
The recent price action saw XRP break above the $2.55 and $2.62 resistance levels, eventually topping out above $2.70 before encountering selling pressure. A high of $2.7267 was recorded, followed by a period of consolidation as the price dipped slightly below $2.620. The move retraced back to the 23.6% Fib level from the $2.3272 low to $2.7267 high. XRP remains above $2.50, with a support trendline closely aligned with the 50% Fib retracement level from the recent rally.
Moving higher, XRP could face initial resistance at $2.58, with significant hurdles at $2.620 and further at $2.720. Breaking above $2.720 could push the price to $2.80, potentially reaching $2.920 or even $3.00 in the short term. However, $3.20 could act as a formidable barrier to continued upside momentum.
In the event that XRP struggles to break the $2,620 resistance level, a bearish trend could emerge. Immediate support lies around $2,520 and aligns with the ongoing trendline. The next important support levels include $2,440. A decisive break below $2,440 could lead to a decline towards $2,350, with additional important support located near $2,250.
The hourly MACD for XRP/USD is accelerating in the bullish zone, while the hourly RSI remains above 50. Key support levels to watch include $2,520 and $2,440, and key resistance levels are $2,620 and $2,720.
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