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XRP Price Uptrend Persists: Bulls Still Target Explosive Gains
The Ripple (XRP) market has continued to demonstrate resilience in the face of uncertainty. The cryptocurrency’s price has shown signs of a fresh increase from the $2.00 support zone, leaving bulls optimistic about explosive gains.
For several days now, XRP has seen a couple of swing moves below the $2.350 level, mirroring similar patterns witnessed by Bitcoin and Ethereum. However, the bulls have been active near the $2.00 zone, leading to the formation of a low at $1.9620 and a subsequent rebound above this critical level.
As it stands, XRP’s price is now well above the $2.00 level and the 50-day simple moving average (blue). The asset has successfully surpassed both the $2.15 and $2.20 resistance levels. Furthermore, the cryptocurrency tested the 50% Fib retracement level of the downside correction from the $2.7223 swing high to the $1.9620 low.
Moreover, a major bullish flag is developing on the daily chart with resistance at $2.480. If the bulls continue to gain strength, they could aim for a fresh surge in the coming sessions.
Initially, immediate resistance sits near the $2.440 level or the 61.8% Fib retracement level of the downside correction from the $2.7223 swing high to the $1.9620 low. However, the main resistance remains at $2.50, with a close above this crucial zone potentially starting a fresh surge.
In that case, the first major resistance would be near the $2.720 level. A convincing move and close above this resistance could send the price toward the $2.90 level. Any further gains might open the doors for a test of $3.0. Additionally, any rise beyond this point could lead to the asset testing $3.20, with a subsequent push potentially taking it as high as $3.50.
Conversely, XRP’s price may struggle to surge above the channel resistance or $2.50 level. The first major support remains at $2.15. In an alternative scenario where there is a close below the $2.20 support, the asset might drop towards the $1.9620 low.
Finally, the primary support would be at $1.80 and the channel’s lower trend line. A close below this level could ignite more losses.
Source: coinchapter.com
