XRP Bulls Charge: Set To Break Higher and Outshine Bitcoin

XRP is holding gains above the $2.00 support zone. The bulls seem to be in control and might aim for a rally above the $2.50 resistance.

XRP Price Holds Key Support

After retesting the $2.00 support, XRP price started a consolidation phase. A base was formed and the price recovered some losses to move above the $2.20 resistance. It even cleared the $2.40 level and tested the $2.50 resistance.

A high was formed at $2.5085 and the price is now holding gains above $2.20, whereas Bitcoin and Ethereum saw bearish moves. There was a minor decline below the 50% Fib retracement level of the upward move from the $2.00 swing low to the $2.5085 high.

XRP price is now stable above the $2.20 support and the 50-day simple moving average (blue). The current price action is positive, and it seems like the bulls are aiming for a fresh surge.

Immediate resistance sits near the $2.40 level. There is also a major bullish flag forming with resistance at $2.40 on the daily chart. The next key resistance sits near the $2.50 level. A close above the $2.40 and $2.50 resistance levels could set the pace for a larger increase.

In the stated case, the price could rally and test the $2.80 resistance. The next major resistance is near the $2.850 level. The main resistance is near the $3.00. A convincing move and close above the $3.00 resistance zone could send the price toward the $3.20 level.

Any more gains might open the doors for a test of $3.350. The next major pivot zone is $3.35, above which the price could surge and test $3.50.

Recently, Ripple President Monica Long said in an interview that she expects to see their new stablecoin RLUSD on more platforms and said we will see an XRP ETF soon.

Another Decline?

Conversely, XRP price might struggle to surge above the channel resistance or $2.50. Immediate support is near the $2.25 level. The first major support is $2.20 and the 50-day simple moving average (blue).

A downside break below the $2.20 support might call for a drop toward the $2.050 support. The main support sits at $2.00. A daily close below the $2.00 support could spark more losses. In the stated case, the price might decline and test the $1.6850 support zone.

Overall, XRP price is gaining pace above the $2.20 support. The price could soon surge if it clears the $2.40 and $2.50 resistance levels.

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