XRP Rockets Over 10% as Bulls Eye Further Gains
XRP has demonstrated robust upward momentum, surging more than 10% recently and pushing past critical resistance levels. The cryptocurrency's bullish trend suggests potential for continued gains in the near term, outperforming major players like Bitcoin and Ethereum.
XRP's Strong Performance and Key Levels
XRP price has established a solid base above the $2.85 mark, initiating a significant rally that saw it break through the $3.10 and $3.15 resistance levels. The sustained bullish pressure has driven XRP above $3.20, currently trading over $3.30 and holding above its 100-hourly Simple Moving Average. A crucial development was the breach of a bearish trend line resistance at $3.00 on the XRP/USD hourly chart, indicating strong buying interest. With a recent high at $3.38, XRP remains stable above the 23.6% Fibonacci retracement level, signaling further upward movement.
Navigating Future Resistance and Support
Looking ahead, XRP could encounter immediate resistance around the $3.40 level, with the primary hurdle near $3.420. A clear breakout above this zone could propel the price towards the $3.50 and potentially even $3.620 in the near future. However, should XRP fail to overcome the $3.40 resistance, a downside correction might ensue. Initial support levels are identified around $3.250, followed by a more significant support at $3.150, which aligns with the 50% Fib retracement level of its recent ascent. A sustained drop below $3.150 could lead to a test of the $3.10 support, with the $3.00 zone acting as a crucial stronghold for buyers.
Technical Indicators Signal Bullish Continuation
Technical indicators for XRP/USD are currently flashing bullish signals. The Hourly MACD is showing increasing momentum in the bullish zone, reinforcing the positive sentiment. Similarly, the Hourly Relative Strength Index (RSI) is positioned comfortably above the 50 level, indicating that buying pressure currently outweighs selling pressure. These technical readings collectively suggest a favorable outlook for XRP, as long as it maintains its position above the key support zones.
