Market uncertainty is high, but the price of XRP has remained resilient through the strain, a move that now re-ignites breakout potential
XRP, currently ranked the fourth-biggest crypto by market cap, has broken over a key resistance. This move suggests the end of a multi-month consolation and a potential price reversal. Traders and market watchers are waiting to see XRP’s next big move.
Bullish XRP Setup
XRP has successfully broken out of a descending channel that kept bullish momentum down for several weeks. This breakout confirms that buying interest is beginning to outweigh selling pressure.
Based on technical indicators, XRP also broke above the Double Exponential Moving Average (DEMA). This technical indicator highlights trend reversals and momentum shifts. Historically, the DEMA breakout signaled an emerging uptrend. Thus, the current setup supports a strong bullish bias.Â
The price of XRP surged past $1.98 and $2.05 after holding firm above the $1.88 support, aligning with similar recoveries seen in Bitcoin and Ethereum. XRP struggled to reach a local high of $2.24 before facing a slight correction, dipping below $2.12.
Despite the decline, XRP bulls defended the $2.08 support and trend line, preserving short-term bullish momentum. XRP has climbed above $2.10 and the 100-hourly SMA, signaling sustained buying pressure.
Can XRP Price Hit $2.5?
At press time, XRP is traded at $2.15, up 11.7% over the past week. While XRP is now testing immediate resistance at $2.168, major hurdles exist at $2.20 and $2.25. A clear move above these levels could push the altcoin towards the $2.32 level.Â
With more volume, XRP might climb to $2.45 and even $2.50, a crucial psychological level for bulls. The Moving Average Convergence Divergence (MACD) and RSI indicators add confidence to the bullish setup. While the former gains strength in the bullish zone, the latter remains above 50.
On the downside, XRP might drop again if it fails to close above $2.20 soon. The first level of support is around $2.10, and then $2.08. Furthermore, if the price falls below $2.08, XRP could fall to $2.00 or even as low as $1.92.
Popular asset manager BlackRock may already have XRP in its crypto asset portfolio in a positive ecosystem development. The firm’s association with XRP could help to boost its credibility as a reliable asset.
Moreover, a recent report revealed that Indian banks are experimenting with private ledgers using XRP for interbank transactions.
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