XRP Bulls Eye Breakout as Price Surges Past Key Levels XRP has initiated a fresh upward trajectory, breaking above the $2.45 mark and showing promising signs of further gains. Bulls are actively accumulating, positioning the digital asset for a potential significant technical breakout if it can successfully overcome crucial resistance levels in the near term.
XRP Price Eyes Steady Increase
Following a solid base formation above $2.320, XRP demonstrated a robust increase, mirroring the positive momentum observed in other major cryptocurrencies like Bitcoin and Ethereum. The price successfully pushed past the $2.380 and $2.450 resistance zones, establishing a high at $2.668. Currently, XRP is consolidating its gains, trading above the 23.6% Fibonacci retracement level of its recent swing from $2.327 to $2.668. The cryptocurrency is also holding above the $2.50 zone and the 100-hourly Simple Moving Average, underpinned by a bullish trend line offering support near $2.580 on the hourly chart.
Navigating Key Resistance and Support
For a sustained upward move, XRP needs to decisively clear the immediate resistance near $2.660, followed by the significant hurdle at $2.680. A breakthrough above $2.680 could propel the price towards testing $2.750 and subsequently $2.80. Further bullish momentum might even challenge the $2.920 and $2.950 resistance levels. Conversely, if XRP fails to breach the $2.680 resistance, a fresh decline could ensue. Initial downside support is located around $2.60, with the next major support at $2.580. A bearish break below $2.580 could see the price retesting the $2.50 support zone or the 50% Fibonacci retracement level, potentially extending declines towards $2.450 and $2.40.
Technical Indicators Point to Continued Optimism
Technical indicators reinforce the bullish sentiment. The hourly Moving Average Convergence Divergence (MACD) for XRP/USD is firmly in the bullish zone, suggesting increasing buying pressure. Similarly, the hourly Relative Strength Index (RSI) for XRP/USD is positioned above the 50 level, indicating that buyers currently maintain control. Major support levels are identified at $2.60 and $2.580, while key resistance levels are found at $2.660 and $2.680.
