XRP price has maintained stability above the critical $2.10 mark and is now positioned for a potential surge beyond the $2.30 resistance level. The cryptocurrency is eyeing an increase, currently pressing against barriers above $2.20.
Currently, XRP is trading near the $2.25 level alongside the 100-hourly Simple Moving Average. Recently, it broke through a bearish trend line with resistance at $2.185, based on data from Kraken's XRP/USD pair. A successful breach of the $2.30 resistance could see a robust price rise.
XRP's price trajectory began its upward journey from a $2.12 support level, contrasting with the movements seen in Bitcoin and Ethereum. The price has experienced a healthy increase above the $2.15 and $2.20 benchmarks. Additionally, it surpassed the 23.6% Fibonacci retracement level, moving from a $2.383 swing high to a $2.130 low. Despite this, bearish activity emerged around the $2.25 and $2.26 zones. Presently, the resistance level of $2.265 may pose a challenge. However, the primary resistance looms near $2.28, coinciding with the 61.8% Fibonacci retracement threshold of the earlier downward trajectory.
Looking beyond, the $2.30 resistance presents the next focal point. Successfully moving beyond this could propel the XRP price towards the $2.420 mark. Further gains are plausible, pointing to potential targets of $2.50 or even $2.550 in the short term. Bulls might face the next hurdle at $2.680.
Should XRP fail to overcome the $2.30 resistance, it risks entering another downward spiral. Initial support is anticipated around the $2.188 level, with major support following near $2.120. A breach below $2.120 could trigger a further decline, possibly reaching the $2.050 support zone. The subsequent support target lies around the $2.00 region.
The hourly MACD for XRP/USD is showing a loss of momentum in the bearish territory. Meanwhile, the hourly RSI (Relative Strength Index) for XRP/USD stands above the 50 mark, indicating a potentially bullish sentiment. Key support levels are established at $2.180 and $2.120, while significant resistance levels are projected at $2.28 and $2.30.