XRP's price has rebounded from a support level of $2.080, initiating a fresh upward trend. Currently, it's gaining momentum and may soon breach the $2.150 resistance zone. This recovery mirrors the movements of Bitcoin and Ethereum.
A key bearish trend line, previously acting as resistance near $2.1450, was broken on the hourly chart for XRP/USD. The price has surpassed the 23.6% Fibonacci retracement level, measured from the $2.2580 high to the $2.078 low. XRP is now trading above $2.150 and the 100-hourly Simple Moving Average.
Potential resistance lies near $2.1680, coinciding with the 50% Fibonacci retracement level from the same range. The first major resistance is near the $2.180 level. A successful breach of the $2.20 resistance could propel the price towards $2.220, with further gains potentially leading to $2.250 or even $2.30 in the short term; $2.320 is the next major hurdle for the bulls.
Conversely, failure to overcome the $2.180 resistance could trigger a decline, with initial support around $2.1320. A break below $2.120 might lead to further declines towards the $2.080 support, with the next significant support zone near $2.050.
Technical indicators show bullish momentum. The Hourly MACD for XRP/USD is gaining pace in the bullish zone, and the Hourly RSI is above 50.
This article is based on our author's analysis of materials taken from the following resources: [Unspecified Source].