XRP Price Fresh Surge: Bulls Gear Up for Action

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The value of XRP has held steady above the $2.10 mark, indicating potential growth. It appears to be trending upward, possibly pushing past the current resistance at $2.30.

  • XRP price is attempting a fresh increase above the $2.20 resistance zone.
  • The price is now trading near $2.25 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $2.185 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start a decent increase if it clears the $2.30 resistance.

XRP Price Eyes A Comeback

Initially, the cost of XRP rose from its base at $2.12 in contrast to Bitcoin and Ethereum. Subsequently, there was an appreciable growth that surpassed the $2.15 and $2.20 thresholds.

In simpler terms, the price went beyond a significant resistance level (23.6% Fibonacci retracement level) from the peak at $2.383 to the low at $2.130 in the XRP/USD pair. Additionally, there was a break above an hourly chart trend line that had acted as a bearish barrier at $2.185.

Nevertheless, bears were active around the $2.25 and $2.26 mark. Currently, the price is hovering close to $2.25 and aligned with the 100-hour Simple Moving Average. On the positive side, potential resistance could be encountered at $2.265. The first significant barrier lies around $2.28, which also aligns with the 61.8% Fibonacci retracement level of the fall from $2.383 high to $2.130 low.

Moving ahead, a break above $2.30 could potentially push the price up towards the next resistance at $2.420. Further growth may take it to either $2.50 or even $2.550 in the short term. The significant challenge for buyers might come at $2.680 in the future.

Another Decline?

Should XRP not manage to break through the $2.30 resistance point, a potential drop may ensue. A possible first line of defense on the lower side can be found around $2.188. If the price continues to decline, the next significant support could be at approximately $2.120 level.

If a drop occurs beyond the $2.120 mark and the closing price is below this level, the price trend could potentially move lower towards the $2.050 support. A significant secondary support can be found in the vicinity of the $2.00 region.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.180 and $2.120.

Major Resistance Levels – $2.28 and $2.30.

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2024-12-24 07:16