XRP Price Update: Bullish Momentum Builds as $2.60 Resistance Approaches
XRP is currently priced at $2.47, down 27% from its all-time high of $3.40. The cryptocurrency shows positive trends across multiple charts with significant Fibonacci support levels. A resistance exists at $2.60, with the potential for a rally towards $2.90 if breakout occurs, though caution is necessary given the current market sentiment and resistance levels.
XRP is currently making a recovery, with its price at $2.47, which is a 27% decline from the all-time high of $3.40. The cryptocurrency boasts a market capitalization of $143 billion, with a 24-hour trading volume of $3.13 billion and an intraday price range spanning $2.39 to $2.50.
On the 1-hour chart, XRP has shown a strong uptrend from $2.38 to $2.50, characterized by bullish continuation candles and increased buying volume. The price has remained above significant Fibonacci retracement levels, particularly at $2.456 and $2.441, indicating robust buyer interest. A possible pullback to the $2.44–$2.45 range may offer traders scalping opportunities, while momentum indicates a potential move beyond $2.505, targeting a price of $2.55 to $2.60.
The 4-hour chart indicates that XRP successfully broke out from $2.22 to $2.59 before entering a consolidation phase. The prior downtrend appears to have reversed, with rising lows and increased closing prices. Volume behavior supports this bullish narrative, particularly as the price approaches the Fibonacci resistance zone between $2.451 and $2.505. A sustained breakout above these levels could signal mid-term price aspirations toward $2.70, with viable entry zones noted between $2.45 and $2.48.
The daily chart displays a broad accumulation pattern following a previous high near $3.00, countered by profit-taking. A solid support base around $1.90 remains intact, as the price consolidates around the 0.500 Fibonacci level of $2.45. Volume spikes at key support zones indicate strategic accumulation, which may lead to a breakout above $2.60. A close above this level, particularly with volume support, would signal broader targets around $2.90 to $3.00. A stop-loss near $2.25 could correspond with the recent lower limits.
In terms of market sentiment, oscillators exhibit a broadly neutral stance. The relative strength index (RSI) reads at approximately 53, indicating balanced momentum, while the Stochastic remains neutral at 76. The Commodity Channel Index (CCI) shows a reading of 76, and the Average Directional Index (ADX) at 13 reflects weak directional strength. The Awesome Oscillator shows a marginally positive reading, while the momentum indicator indicates a sell signal.
Moving averages present a predominantly bullish perspective. The exponential moving average (EMA) and simple moving average (SMA) across various periods showcase bullish signals, albeit the 100-period SMA signals a sell due to current trading below 2.52428. The longer-term EMA and SMA support a bullish outlook, confirming an upward trajectory contingent on volume and price confirmation above the $2.60 level.
In conclusion, XRP is demonstrating a structurally bullish setup across all timeframes, supported by higher lows, positive volume behavior, and favorable moving average signals. Should the price hold above critical Fibonacci levels and surpass $2.60 with volume backing, XRP could rally towards $2.90 and possibly retest the $3.00 mark. However, despite this bullish outlook, XRP remains significantly below its all-time high and faces resistance around $2.60, warranting caution for traders.
XRP is currently on an upward trajectory, showing positive signs across timeframes with substantial support in its trading behavior. Despite the bullish setup, caution is advised as resistance near $2.60 remains significant, and any failure to maintain key support levels could lead to downturns. Traders are encouraged to watch for volume-backed movements above this resistance for potential further gains.
Original Source: news.bitcoin.com
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