XRP Price Winning Streak: Is More Upside on The Horizon?

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Initially, XRP‘s price showed a robust surge, surpassing the $2.25 barrier. This upward momentum has propelled the price by more than 10%, potentially targeting another climb beyond the $2.50 resistance level.

  • XRP price started a fresh increase above the $2.25 zone.
  • The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $2.215 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start another increase if it clears the $2.475 resistance.

XRP Price Starts Fresh Increase

As an analyst, I’ve noticed an encouraging uptrend in the XRP price, surpassing the $2.20 mark, even outperforming both Bitcoin and Ethereum. Notably, there was a significant breakthrough above the resistance levels of $2.25 and $2.30.

During the rise, there was a jump above a significant bearish trend line with a resistance point at $2.215 on the hourly chart for the XRP/USD pair. This pair managed to go beyond the 61.8% Fibonacci retracement level of the downward wave that originated from the high of $2.64 to the low of $1.899.

Nevertheless, bears remain active when the price drops below $2.475. This level aligns with the 76.4% Fibonacci retracement level during the decline from the $2.64 peak to the $1.899 trough.

Currently, the price is being transacted above $2.350 and surpassing its 100-hour Simple Moving Average. As it moves upward, potential obstacles for the price could be encountered around the $2.45 mark. The primary resistance is anticipated near $2.4750 level.

Moving forward, a break above $2.50 could potentially propel the price up to $2.550 next, with further gains possibly pushing it towards $2.650 or even $2.720 in the short term. The significant challenge for the bulls could lie at around $2.880 in the near future.

Another Pullback?

Should XRP struggle to surpass the $2.475 barrier, it may trigger a fresh drop. A potential floor in this scenario might be around $2.280. If the price continues to fall, the significant support could be found approximately at $2.20.

If a drop occurs beyond the $2.20 mark and the closing price falls beneath it, the price trend could potentially extend downward towards the $2.080 support level. The subsequent significant support is found in the vicinity of 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 – $2.280 and $2.200.

Major Resistance Levels – $2.4750 and $2.6450.

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2024-12-12 07:16