XRP has initiated a strong recovery movement, breaking above critical resistance levels and showing signs of continued bullish momentum. Recent technical analysis suggesting a $4 price target gains additional credibility as the asset demonstrates renewed strength.
Key Technical Developments
- Price successfully broke above $2.320 resistance zone
- Trading above 100-hourly Simple Moving Average
- Bearish trend line resistance at $2.40 breached
- 23.6% Fibonacci retracement level cleared
Critical Price Levels to Watch
The current price action shows XRP consolidating above $2.350, with several key resistance levels ahead:
- Immediate resistance: $2.4650 (50% Fibonacci retracement)
- Secondary target: $2.50
- Major resistance: $2.80
Support Levels and Downside Risks
Should the upward momentum falter, several support levels could provide stability:
- Primary support: $2.400
- Secondary support: $2.350
- Critical support: $2.250
Technical Indicators Signal Strength
Multiple technical indicators support the bullish case:
- MACD: Gaining momentum in bullish territory
- RSI: Above 50, indicating healthy buying pressure
- Moving Averages: Price trading above key SMAs
FAQ
What’s driving XRP’s current price movement?
The recent recovery is supported by technical breakouts above key resistance levels and improved market sentiment across major cryptocurrencies.
What are the key resistance levels for XRP?
The immediate resistance lies at $2.4650, followed by $2.50 and $2.80 as major hurdles.
What could trigger a price reversal?
A failure to clear the $2.4650 resistance zone could lead to a retest of support levels at $2.400 and $2.350.