Ripple's XRP has shown strong bullish momentum, breaking through the $2 barrier and continuing to climb. The cryptocurrency is now moving towards the next major price target. However, in the short term, XRP is facing resistance.
XRP breaks through $2 and faces resistance
In the past day, XRP's price surged significantly, breaking through $2. According to Crypto World analyst Josh, once XRP surpasses this level, it will rise rapidly. The next key resistance level is $2.50, which XRP is approaching. If XRP can successfully break through $2.50, the next target is likely to be $2.75, based on price movements prior to January 2018, when XRP experienced key weekly closing prices within this range. However, at the time of writing, XRP has risen over 11%, trading at $2.73.
$3 target: psychological resistance and Fibonacci resistance
Looking ahead, XRP's next significant price target is $3. This level serves as both psychological resistance and a key Fibonacci extension point, specifically the 1.618 level. The $3 milestone is often seen as a benchmark by many traders, and XRP is likely to face resistance at this level.
However, before reaching $3, XRP needs to break through the resistance zones at $2.50 and $2.75. These are key levels that could determine whether the cryptocurrency continues its upward trend or faces a potential pullback.
Support level during a pullback
If a pullback occurs, traders will closely monitor two main support levels. The first is $2, which has shown some strength as a support level. If XRP experiences a deeper pullback, the next support level will be around $1.60, where previous resistance may turn into support.
