XRP price is currently rising and has broken above the $2.50 area and is likely to break above the critical resistance level of $2.62 soon. The price is currently consolidating gains and the market sentiment remains bullish and is expected to extend gains further.
XRP price breaks out of $2.50 range
The price of XRP has broken above $2.50 and has started a new uptrend. The price reached $2.50 and the 100 hourly simple moving average (SMA), showing continued upward momentum. From the hourly chart of XRP/USD, a bullish trend line has been formed with support set near $2.53, further confirming the upward momentum.
Key Resistance Level: $2.62
If XRP breaks through the $2.62 retracement, it may have begun to accelerate the upward trend. The price broke through the $2.55 range and once reached above $2.70. Although the price has corrected and pulled back, it is still trading steadily above $2.50. If the resistance of $2.62 is broken, the next target may be $2.72. Further room for growth will also push the price towards $2.80.
Upside Target
If XRP continues to rise, it may face resistance at $2.92 in the short term and may even approach $3.00. If the price breaks above these key levels, $3.20 could become the next major target.
Downside risks and support levels
If XRP fails to break the $2.62 support, a pullback is likely. The initial support is near $2.52 and the trend line. If the price falls below $2.44, it may move down to the $2.35 further support area. If the downside continues, $2.25 will be the next major support.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.520 and $2.440.
Major Resistance Levels – $2.620 and $2.720.
