Bulls Drive XRP Above $2.75 as Crypto Tests Key Resistance

XRP price has initiated a strong upward movement beyond the $2.50 resistance level. The digital asset has gained over 30% and now confronts resistance near the $3.00 mark.

The price currently trades above $2.75 and the 100-hourly Simple Moving Average . Analysts note a connecting bullish trend line forming with support at $2.40 on the hourly chart of the XRP/USD pair, based on data from Kraken.

Technical indicators suggest XRP might continue its upward trajectory if it successfully breaks above the $3.00 resistance zone.

XRP experienced a decline toward the $2.00 level before bulls stepped in, mirroring patterns seen in Bitcoin and Ethereum. The price established a foundation and began a fresh increase above the $2.20 level. It quickly surpassed both $2.50 and $2.65 thresholds.

The rally pushed XRP beyond $2.80, testing the $3.00 level where it formed a high. The price is now consolidating gains after trading near the 23.6% Fibonacci retracement level of the upward move from the $1.95 swing low to the $3.00 high.

On the upside, XRP may encounter resistance near $2.90. The first major resistance sits at the $3.00 level, followed by $3.20. A decisive move above $3.20 could propel the price toward $3.35. Further gains might push XRP to $3.42 or even $3.45 in the near term. The next significant hurdle for bulls appears to be $3.50.

If XRP fails to overcome the $3.00 resistance zone, a reversal could occur. Initial support lies near $2.75, with the next major support around $2.62. A downside break below $2.62 might trigger a decline toward $2.50. The trend line and the $2.40 zone provide additional support below these levels.

Technical indicators show a mixed picture. The hourly MACD for XRP/USD is losing momentum in the bullish zone, while the hourly Relative Strength Index remains above the 50 level. Major support levels stand at $2.75 and $2.62, with key resistance at $2.95 and $3.00.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.