As a seasoned researcher with over two decades of experience in the financial markets, I can confidently say that the recent surge in XRP‘s price is quite intriguing. After weathering numerous market storms and witnessing countless market cycles, I must admit that this bull run has been one of the most thrilling. The price consolidating near $2.40 with potential for more gains above the $2.50 level is a positive sign.
The cost of XRP has increased by more than 30% and currently trades above $2.20. It seems to be holding steady around $2.40, potentially targeting further growth beyond the $2.50 mark.
- XRP price is eyeing a fresh increase above the $2.00 resistance zone.
- The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.08 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to accelerate if it clears the $2.50 resistance.
XRP Price Starts Fresh Increase Above $2.00
The cost of XRP stayed stable around the $1.500 region, then built a foundation before initiating a rise surpassing $1.80. This growth exceeded both Bitcoin‘s and Ethereum‘s performance. Subsequently, it breached the resistance levels of $2.00 and $2.20.
The price has risen more than 30% and surpassed the $2.50 threshold, reaching a peak at $2.51. Currently, it’s holding steady as it consolidates its gains. There was a minor dip that took it down to approximately $2.30. However, it also touched the lower boundary of the 2.36% Fibonacci retracement zone, which spans from the swing low at $1.818 to the high at $2.510.
Currently, the price for XRP/USD is hovering above $2.30 and slightly above its 100-hour moving average. Additionally, a potential bullish trend line is forming, offering support at approximately $2.08 on the hourly chart. This trend line seems to be approaching the 61.8% Fibonacci retracement level of the upward movement from the $1.818 low to the $2.510 high.
Positively, there may be obstacles for the price at approximately $2.450. The first significant barrier is around $2.500. Further ahead, a crucial resistance could emerge around $2.550. A decisive break above the $2.550 barrier could potentially push the price towards the $2.650 resistance. Subsequent growth might propel the price toward the $2.80 or even $2.880 resistance levels in the short term. The primary challenge for further bullish momentum could be at $3.00.
Another Pullback?
If XRP doesn’t manage to surpass the $2.50 barrier, it might trigger a drop in price. The first potential support level could be around $2.350, and if that fails, the next significant support might be at $2.250.
If the price experiences a fall and drops below the $2.250 mark, it could potentially slide further towards the $2.10 support. A significant lower support is anticipated around the $2.00 region.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.3000 and $2.2000.
Major Resistance Levels – $2.5000 and $2.6500.
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2024-12-02 06:58