XRP consolidates gains, eyes breakout above key resistance levels
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XRP has regained upward momentum, posting a fresh increase above the $2.20 zone and currently consolidating near $2.280. The positive trend aligns with broader market moves seen in Bitcoin and Ethereum, positioning XRP for a potential continuation higher unless a close below the critical $2.20 support level occurs.
Following a breakout above $2.150 and $2.20, XRP advanced through $2.220 and $2.250, reaching a high of $2.294. The subsequent correction saw a retracement below $2.280 and $2.250, with the price dipping under the 23.6% Fibonacci retracement level of the $2.162 to $2.294 upward move. However, strong buying interest emerged around the $2.220 area, corresponding to the 50% Fibonacci retracement level, stabilizing the price action.
Currently, XRP is trading above $2.220 and the 100-hour Simple Moving Average, reinforcing bullish momentum. A connecting trendline at $2.240 further supports the structure on the hourly chart. Immediate resistance is situated at $2.30, followed by a key barrier at $2.320. A decisive break above $2.350 would likely trigger a move towards the $2.420 zone, with further potential extensions to $2.450 and possibly $2.50. Beyond these levels, $2.620 emerges as the next significant bullish target.
On the downside, initial support lies near $2.2450, with the $2.220 level acting as a critical pivot. A sustained break and close below $2.220 could open the door for a retest of $2.20, and further weakness might push the price toward the $2.150 support zone.
Technical indicators reinforce the bullish bias: the hourly MACD for XRP/USD is gaining momentum in positive territory, while the RSI remains comfortably above the 50 level, suggesting underlying strength.
In conclusion, XRP maintains a constructive technical setup, with key resistance levels at $2.30 and $2.350 in focus. A clear breakout could pave the way for a rally towards $2.420 and beyond, while traders should closely monitor the $2.220 support to validate the continuation of the current bullish trend.
Following a breakout above $2.150 and $2.20, XRP advanced through $2.220 and $2.250, reaching a high of $2.294. The subsequent correction saw a retracement below $2.280 and $2.250, with the price dipping under the 23.6% Fibonacci retracement level of the $2.162 to $2.294 upward move. However, strong buying interest emerged around the $2.220 area, corresponding to the 50% Fibonacci retracement level, stabilizing the price action.
Currently, XRP is trading above $2.220 and the 100-hour Simple Moving Average, reinforcing bullish momentum. A connecting trendline at $2.240 further supports the structure on the hourly chart. Immediate resistance is situated at $2.30, followed by a key barrier at $2.320. A decisive break above $2.350 would likely trigger a move towards the $2.420 zone, with further potential extensions to $2.450 and possibly $2.50. Beyond these levels, $2.620 emerges as the next significant bullish target.
On the downside, initial support lies near $2.2450, with the $2.220 level acting as a critical pivot. A sustained break and close below $2.220 could open the door for a retest of $2.20, and further weakness might push the price toward the $2.150 support zone.
Technical indicators reinforce the bullish bias: the hourly MACD for XRP/USD is gaining momentum in positive territory, while the RSI remains comfortably above the 50 level, suggesting underlying strength.
In conclusion, XRP maintains a constructive technical setup, with key resistance levels at $2.30 and $2.350 in focus. A clear breakout could pave the way for a rally towards $2.420 and beyond, while traders should closely monitor the $2.220 support to validate the continuation of the current bullish trend.