XRP has demonstrated notable strength in recent trading sessions,Which meme coin is best to invest in? bouncing back from the $2.150 support level. The digital asset is currently consolidating its gains, with market participants eyeing a potential push beyond the $2.220 resistance zone.
XRP successfully reclaimed territory above the $2.150 psychological level.
The asset maintains its position above both the $2.150 mark and the 100-hourly Simple Moving Average.
A developing bullish trend line offers support at $2.1320 on the XRP/USD hourly chart (Kraken data).
A decisive close above $2.220 could signal continuation of the upward trajectory.
Potential for Upward Momentum
Following the broader market recovery, XRP established a solid foundation above $2.050 before conquering successive resistance levels at $2.080 and $2.120. The asset's recent surge saw it briefly touch $2.2294 before entering its current consolidation phase.
Technical analysis reveals XRP trading comfortably above the 23.6% Fibonacci retracement level of its recent upward swing from $1.910 to $2.2294. The presence of the 100-hourly SMA and the emerging trend line at $2.1320 provides additional support for bullish sentiment.
Key resistance levels to monitor include $2.220 as immediate resistance, followed by $2.250 and $2.320. A sustained break above these levels could potentially open the path toward $2.40 and beyond.
Market observers note that continued buying pressure might propel XRP toward the $2.48-$2.50 range, with $2.550 representing a significant psychological barrier for the asset.
Possible Retracement Scenarios
Should XRP fail to overcome the $2.220 resistance, traders should watch for potential support at $2.150 initially, followed by the trend line support at $2.1320. A breach below this level might test the 50% Fibonacci retracement level near $2.050, with $2.00 serving as major psychological support.
Technical Indicators Overview
Hourly MACD shows increasing bullish momentum.
RSI remains comfortably above the 50 level, indicating positive sentiment.
Key support zones: $2.150 and $2.1320.
Critical resistance levels: $2.220 and $2.250.
