TLDR
XRP price has shown strong upward momentum, breaking above $2.40 and reaching a high of $2.53
A bullish trend line is forming with support at $2.38 on the hourly chart
Technical indicators suggest potential resistance at $2.465 and $2.50 levels
Major support levels are established at $2.38 and $2.35
Multiple analysts predict further upside potential, with some targeting $4-35 price ranges
XRP has demonstrated remarkable price stability in recent trading sessions, maintaining positions above crucial support levels while showing signs of potential upward momentum. The digital asset has established a solid foundation above the $2.35 price point, with technical indicators suggesting continued strength in the market structure.
The price action began with a decisive move above the $2.35 zone, pushing through several resistance levels to reach new local highs. This upward trajectory mirrors similar movements seen in other major cryptocurrencies, including Bitcoin and Ethereum, indicating broader market strength.
During the recent trading session, XRP managed to breach the $2.40 and $2.420 resistance levels, showcasing strong buying pressure. The upward movement extended further, with the price reaching a peak of $2.530 before experiencing a minor pullback.
The current price action shows XRP trading comfortably above both the $2.350 mark and the 100-hourly Simple Moving Average, which serves as a key technical indicator for traders. This positioning above major moving averages typically suggests underlying market strength.
Technical analysis reveals the formation of a bullish trend line with support near the $2.380 level on the hourly chart. This trend line has been providing steady support for the price, helping maintain the overall upward bias in the market.
The immediate resistance zone appears to be forming around $2.465, which coincides with the 61.8% Fibonacci retracement level of the recent downward move from $2.53 to $2.354. This level is being watched closely by traders as a potential breakout point.
Market data indicates the presence of strong buying support at the $2.380 level, which has been tested multiple times during recent trading sessions. This level has held firm, preventing any sustained downward movement and providing a stable base for potential future advances.
Looking at the hourly chart, the MACD indicator shows decreasing momentum in the bullish zone, suggesting a period of consolidation may be necessary before the next major move. The Relative Strength Index (RSI) is currently positioned below the 50 level, indicating neutral market conditions.
Trading volumes have remained steady, with increased activity noticed during attempts to break above the $2.465 resistance level. This suggests active participation from market participants at key price points.
The market structure appears to favor the bulls, with multiple support levels established below the current trading price. These include the psychological $2.35 level and the technical support at $2.380.
On the upside, several resistance levels have been identified. Beyond the immediate resistance at $2.465, the $2.50 level represents a key psychological barrier that buyers need to overcome for continued upward movement.
Should the price successfully break above $2.550, technical analysis suggests potential targets at $2.650 and $2.720. Some traders are eyeing the $2.880 level as a longer-term target, though this would require sustained buying pressure.
The hourly chart shows clear support and resistance zones, with the price currently consolidating within this range. The presence of the bullish trend line suggests that buyers remain in control of the market structure.
Address activity on the XRP network has shown an increase, reaching a six-month peak according to recent data. This metric often correlates with increased market participation and potential price movement.
Recent trading sessions have seen the price maintaining stability above key support levels, with bears unable to push the price below the established support zone at $2.350. The most recent price action shows XRP trading at $2.42, representing a stable position above crucial support levels.
The post XRP Price Action: Market Structure Remains Firmly Bullish appeared first on Blockonomi.
