XRP Price Remains Stable Above $2.00 Support
XRP price remained stable above the $2.00 support. The bulls defied the odds and pushed the price above the $2.15 resistance.
XRP Price Eyes Recovery and Fresh Surge
After a recovery wave, XRP was able to settle above the $1.920 pivot level. The bulls remained active, defied the odds, and were able to push the price higher. Bitcoin and Ethereum gained traction, helping XRP overcome a few key resistance levels.
There was a move above the $2.050 and $2.120 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2.5950 swing high to the $1.6155 low. More importantly, there was a break above a key bearish trend line with resistance at $2.10 on the daily chart.
XRP price settled above the trend line and the 50-day simple moving average (blue). These are positive signs and suggest high chances of more upsides in the coming sessions.
If the bulls attempt a fresh increase, they could face resistance near the $2.3650 level. It is close to the 76.4% Fib retracement level of the downward move from the $2.5950 swing high to the $1.6155 low. The first major resistance is now forming near the $2.50 level.
The main resistance is now near the $2.60 zone. A convincing close above the $2.60 zone could set the pace for a larger increase. The next resistance is near the $2.820 level, above which the price could accelerate higher toward the $3.00 resistance.
Any more gains might open the doors for a move toward the 1.618 Fib extension level of the downward move from the $2.5950 swing high to the $1.6155 low at $3.20.
Another Pullback?
Conversely, XRP price might struggle to recover above the $2.360 resistance and start another decline. Immediate support is near the $2.220 level. The first major support sits near the $2.20 level and the 50-day simple moving average (blue).
The next major support is near the $2.050 level. A daily close below the $2.050 level could spark another major decline. In the stated case, the bears might aim for a move toward the $2.00 support. The next target for the bears could be $1.920, below which the price might gain bearish momentum.
Overall, XRP price is showing positive signs above $2.20 and $2.220. If the bulls remain in action, the price could easily drift toward $2.50 and then $2.60 in the coming days.