XRP Bulls on the Move: Is $3 Within Reach?
More from the Author Jane Kariuki
XRP has surged over 5% from the $2.50 support level, breaking key resistance points and showing strong bullish momentum.
If it surpasses the $2.75 and $2.82 resistance zones, it could reach $3, but failure may lead to a pullback toward $2.50.
XRP price is gaining momentum once again, sparking excitement among investors. The cryptocurrency recently surged over 5% from the $2.50 support level, showing signs of strength against Bitcoin and Ethereum. With key resistance levels in sight, many are wondering if this rally could push XRP beyond the elusive $3 mark.
XRP Gains Strength Above $2.55
After bouncing from the $2.50 support zone, XRP saw an impressive rebound, clearing multiple resistance levels at $2.55 and $2.62. This breakout was accompanied by a key move above a bearish trend line, indicating a shift in market sentiment.
source: tradingview.com XRP/USD
Currently, XRP is trading above $2.65 and the 100-hourly Simple Moving Average (SMA), reinforcing the bullish outlook. However, the next test for buyers lies at $2.75, a critical resistance level aligning with the 76.4% Fibonacci retracement of its recent decline.
Resistance Levels to Watch
If XRP successfully breaks past $2.75, it could set the stage for further gains. The first major resistance stands at $2.80, followed by $2.82. A decisive move beyond these levels could propel the price towards $2.88 and potentially $2.92.
Should the bullish momentum persist, XRP might even challenge the $3 resistance level, marking a significant psychological and technical milestone for investors.
Risk of Another Pullback
Despite the bullish momentum, XRP faces the risk of another pullback if it fails to breach the $2.75 resistance. Initial support is found at $2.65, with stronger support at $2.60. A break below this level could trigger further declines toward $2.55 or even the $2.50 zone.
Technical Indicators Support Uptrend
Technical indicators are currently favoring the bulls:
The hourly MACD is gaining pace in the bullish zone, suggesting continued upward momentum.
The hourly RSI is above 50, indicating positive market sentiment.
Will XRP Hit $3 Soon?
With increasing buying pressure and strong technical indicators, XRP appears well-positioned for further gains. However, the $2.75 and $2.82 resistance zones remain crucial obstacles. If the bulls can push through, XRP might be on track to hit $3 in the near future.
Investors should keep a close watch on these key levels and market trends as the cryptocurrency landscape continues to evolve.
The post XRP Bulls on the Move: Is $3 Within Reach? appeared first on Crypto News Focus.
