On the hourly chart, XRP is demonstrating bullish behavior after rebounding from a false breakout at the local support level of $2.16. The price has been climbing steadily, indicating renewed buying pressure.
If this momentum continues and the daily candle closes near the immediate resistance zone, there is a strong likelihood that XRP could surge toward the $2.25 mark as early as tomorrow. Traders should watch for sustained volume increases to validate the breakout.
On a broader time frame, the market remains largely indecisive. Neither bulls nor bears are currently in control, a fact confirmed by declining trading volumes. To shift momentum firmly in favor of the bulls, buyers will need to push the price above the critical $2.20 threshold.
A successful move above this level would likely trigger a breakout of the current resistance zone, setting the stage for more substantial gains.
Additionally, XRP has been hovering around its 50-day Simple Moving Average (SMA) at $2.18 for several days. This behavior suggests a consolidation phase, where the asset is gathering strength for its next major move.
The other market data also gives positive signals.
From a midterm perspective, XRP remains within the range of the previous candle.
Earlier attempts by the bulls to defend the $2.20 support level failed, making this an important area to watch moving forward. Should XRP manage to close a daily candle above the next key resistance at $2.2330, the path toward a rally up to the $2.50 region becomes increasingly plausible.
At the time of writing, XRP is trading at $2.19, steadily recovering from this week’s local low of $2.16. The overall sentiment in the crypto market remains cautiously optimistic, further supported by positive economic indicators coming out of the United States, which enhance the bullish case for risk assets like cryptocurrencies.
Moreover, Bitcoin’s performance remains a critical external factor. Currently, Bitcoin bulls are battling to maintain the price above $95,000. If Bitcoin successfully breaks through this significant psychological and technical resistance, it could inject fresh bullish momentum into the altcoin market, including XRP.
In such a scenario, XRP’s upward trajectory toward $2.50 would become even more probable.
Leave a Reply