The pi network downloaddigital asset XRP has demonstrated significant bullish behavior, surpassing the $2.50 threshold with conviction. Market observers note the cryptocurrency is currently stabilizing its gains, potentially preparing for an upward push beyond the $2.62 resistance level.
XRP's valuation has successfully climbed above the psychologically important $2.50 mark.
The asset currently maintains its position above $2.50 while trading comfortably above the 100-hourly Simple Moving Average.
A distinct bullish trend line is emerging on the XRP/USD hourly chart, establishing support around $2.53 (data sourced from Kraken).
Market participants anticipate further upward movement should the price overcome the $2.62 resistance barrier.
XRP's Notable Ascent Beyond $2.50
The digital currency has exhibited impressive performance, outpacing both Bitcoin and Ethereum in recent trading sessions. After clearing the $2.55 hurdle, the asset successfully challenged and surpassed the $2.62 resistance level.
Following a brief surge past $2.70, some selling pressure emerged, establishing a local peak at $2.7267. The current market phase shows XRP consolidating its recent gains, with a minor retracement below $2.620. This pullback represents approximately 23.6% of the Fibonacci retracement level from the recent swing low of $2.3272 to the high of $2.7267.
Technical analysis reveals the asset remains well-positioned above both the $2.50 level and the 100-hourly SMA. The aforementioned bullish trend line, coinciding with the 50% Fibonacci retracement level, continues to provide dynamic support around $2.53.
Looking ahead, immediate resistance appears near $2.58, with more substantial barriers at $2.620 and $2.720 respectively. A decisive break above $2.720 could potentially propel the price toward the $2.80 resistance zone.
Should bullish momentum persist, the asset might challenge the $2.920 resistance in the near term, with $3.00 representing a significant psychological level. Beyond that, $3.20 emerges as the next major obstacle for buyers.
Examining Potential Support Levels
In the event XRP encounters resistance at $2.620, traders should monitor key support levels. Initial downside protection appears around $2.520, coinciding with the established trend line. The next significant support zone lies near $2.440.
A breach below $2.440 could signal further downside potential, with subsequent support levels emerging at $2.350 and $2.250 respectively.
Technical Indicators
Hourly MACD – The Moving Average Convergence Divergence indicator shows strengthening bullish momentum for XRP/USD.
Hourly RSI (Relative Strength Index) – The RSI reading currently resides above the neutral 50 level, indicating favorable conditions for buyers.
Key Support Levels – $2.520 and $2.440.
Key Resistance Levels – $2.620 and $2.720.
