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XRP News: Price Sees Renewed Surge
In the latest XRP news, the cryptocurrency has begun a renewed ascent, breaking above the crucial $2.25 threshold. This upward trajectory has rekindled interest, with XRP now aiming to surpass the resistance at $2.320. After establishing a solid foundation above $2.220, XRP’s price is not only above $2.250 but also the 100-hourly Simple Moving Average, signaling a robust bullish stance.
Bullish Momentum on the Rise
The XRP market dynamics are currently shaped by a significant bullish trend line with support at $2.270, as observed on the hourly chart of the XRP/USD pair. Should XRP clear the $2.320 resistance, another rally might be triggered. Initially, XRP carved a strong base starting from the $2.050 zone, paralleling gains seen in Bitcoin and Ethereum, and successfully breached the $2.120 and $2.20 resistance levels.
After these gains, XRP tested the $2.320 resistance, marking a high at $2.3294, and is now consolidating these gains above the 23.6% Fibonacci retracement level from the recent swing low of $2.2250 to a high of $2.3294.
Potential Resistance and Support Levels
Looking upward, XRP might encounter resistance near $2.320, followed by a more formidable barrier at $2.350. If it can surpass these, the next resistance stands at $2.40, potentially paving the way to $2.420. Further gains could target the $2.480 mark, or even reach $2.50 shortly. A major challenge for bulls will be the $2.550 level.
What if XRP Dips?
Conversely, if XRP fails to breach the $2.320 zone, it might face a pullback. The initial support lies near $2.2750, with substantial backing at $2.250, close to the 76.4% Fibonacci retracement level of the recent upward movement. A break below $2.250 could see the decline extend towards the $2.220 support, and if pressure mounts, the next significant support is near the $2.20 zone.
Technical Indicators Echo Bullish Sentiments
The MACD for XRP/USD is accelerating in the bullish zone, and the Relative Strength Index (RSI) is holding above the 50 level, both indicating a positive momentum in the market.
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