The cost of XRP has recently surged past $2.50 and is currently holding its ground, possibly preparing to push higher and break through the resistance at $2.62.
- XRP price started a fresh increase above the $2.50 zone.
- The price is now trading above $2.50 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.53 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.62 resistance.
XRP Price Pops Above $2.50
The cost of XRP began a notable surge beyond the $2.50 threshold, outpacing both Bitcoin and Ethereum. It successfully breached previous hurdles at $2.55 and $2.62.
Initially, the cost surged past $2.70, but then bears emerged, causing a peak at $2.7267. Currently, the price is holding steady as it consolidates its gains. There was a brief drop below $2.620, and the price has since dipped under the 23.6% Fibonacci retracement line of the upward trend from the $2.3272 trough to the $2.7267 peak.
Currently, the price for the XRP/USD pair is hovering above $2.50 and slightly above its 100-hour Simple Moving Average. Additionally, a potential bullish trend line is forming, with support at approximately $2.53 on the hourly chart. This trend line aligns closely with the 50% Fibonacci retracement level of the upward movement from the $2.3272 low to the $2.7267 high.
On a positive note, there could be an obstacle for the price increase around $2.58. The first significant barrier lies at approximately $2.620. Further potential resistance can be found at $2.720. If the price manages to surpass $2.720, it might push further towards the resistance at $2.80.
Additional increases could push the price up towards the $2.920 or possibly $3.00 resistance level in the immediate future. The main challenge for the bulls could lie at around $3.20.
Are Dips Supported?
Should XRP struggle to surpass the resistance at around $2.620, it might trigger a fresh drop. A potential cushion in case of a fall can be found approximately at $2.520, which includes both the current support level and the trend line. The next significant support is anticipated around $2.440.
Should a drop occur followed by a breakdown below the $2.440 mark and subsequent closing beneath it, the price could potentially fall further towards the $2.350 level as a potential support point. A more significant support can be found in the vicinity of the $2.250 zone.
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 – $2.520 and $2.440.
Major Resistance Levels – $2.620 and $2.720.
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2024-12-18 07:16