Summary:
XRP price increased over 4%, breaking above $2.450.
Trading above $2.4650 and the 100-hourly SMA.
Potential for further gains if it stays above $2.420 support.
Resistance levels at $2.550 and $2.600 could challenge the rally.
Downside risk if unable to clear the $2.60 resistance.
XRP Price on the Rise
XRP price has started a fresh increase, breaking above the $2.450 level despite the pressure on Bitcoin. The market shows positive signs, and XRP could potentially clear the $2.550 resistance.
Key Highlights of XRP's Performance
- XRP has gained over 4%, rallying above the $2.450 zone.
- Currently trading above $2.4650 and the 100-hourly Simple Moving Average.
- A break above a bearish trend line with resistance at $2.50 has been observed.
- The pair may start a fresh increase if it remains above the $2.420 support.
Further Gains on the Horizon
XRP price has successfully surpassed the $2.40 and $2.42 resistance levels. The recent climb above the 50% Fib retracement level from the downward movement of $2.597 to $2.332 indicates strong bullish momentum.
Resistance and Support Levels
- The first major resistance is near $2.60 and the next at $2.620. A strong move above $2.620 could push prices toward $2.650.
- Possible further gains could see XRP reaching $2.720 or even $2.7350 soon.
- Downside risks exist; if XRP fails to breach the $2.60 resistance, it could face declines, with initial support levels at $2.480 and $2.420.
Technical Indicators
- Hourly MACD shows the MACD for XRP/USD is losing momentum in the bullish zone.
- Hourly RSI indicates XRP/USD is above the 50 level.
- Major Support Levels: $2.480 and $2.420.
- Major Resistance Levels: $2.550 and $2.600.
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