XRP (Ripple) has demonstrated a significant price surge, pushing above the crucial $2.920 resistance level before entering a corrective phase. While currently consolidating gains, the digital asset shows potential for further upward movement if key support levels are maintained. The cryptocurrency experienced a notable increase, successfully overcoming the $2.8320, $2.920, and $2.950 resistance points, even outperforming major players like Bitcoin and Ethereum. This bullish momentum propelled XRP past the $3.00 threshold, reaching a high of $3.0365. Following this impressive rally, XRP is now undergoing a modest correction, retreating below the 23.6% Fibonacci retracement level of its recent upswing, signaling a healthy consolidation.
Navigating Key Price Levels
For a continued ascent, XRP bulls must defend the $2.920 support zone. Should this level hold, the price could aim for the next resistance at $2.980, with a major hurdle looming at $3.00. A decisive breach above $3.00 could unlock further gains towards $3.0350, potentially extending to $3.120 and even $3.150. Conversely, a failure to maintain the $2.920 support could see XRP decline towards $2.9350, followed by the significant $2.920 (50% Fib retracement) level. A sustained move below $2.920 risks a drop to $2.860, bringing the major support at $2.850 into play.
Technical Indicators
The Hourly Moving Average Convergence Divergence (MACD) for XRP/USD is observed losing some momentum within the bullish territory. Meanwhile, the Hourly Relative Strength Index (RSI) is hovering near the 50-level, suggesting a balanced market sentiment with neither buyers nor sellers having a strong advantage at the immediate moment.
