XRP price remained stable above the $2.00 support zone. The price is now rising and aims for a clear move above the $2.30 resistance zone.
XRP Price Eyes Fresh Surge
In the last analysis, we saw a downside correction in XRP price from the $2.650 resistance zone. The price underperformed Ethereum and Bitcoin. There was a move below the $2.50 and $2.40 support levels.
The price dipped below the 23.6% Fib retracement level of the upward wave from the $1.6155 swing low to the $2.6541 high. Moreover, the price spiked below the $2.20 support zone and the 50-day simple moving average (blue).
XRP price even dipped toward $2.00 and spiked below the 50% Fib retracement level of the upward wave from the $1.6155 swing low to the $2.6541 high. However, the bulls were active above the $2.050 zone.
A base was formed, and the price is again rising. There was a move above the $2.20 resistance zone. The current price action is positive, and the recent bullish move suggests a high chance of more upsides.
Immediate resistance on the upside sits near the $2.30 level and the 50-day simple moving average (blue). There is also a key bearish trend line forming with resistance at $2.30 on the daily chart. The first major resistance is near the $2.40 level. A close above the $2.40 level could open the doors for another surge.
In the stated case, the price could rise toward the $2.650 level. The next resistance is near the $2.720 level, above which the price could accelerate higher toward the $2.920 resistance. Any more gains might open the doors for a move toward the $3.00 zone.
Another Decline?
Conversely, XRP price might fail to clear the $2.30 resistance and start another decline. Immediate support is near the $2.1350 level. The first major support sits near the $2.120 level.
The next major support is near the $2.080 level. A daily close below the $2.080 level could spark another major decline. In the stated case, the bears might aim for a move toward the $2.020 support. If the bulls fail to protect the $2.020 level, the price could even decline below the $1.920 zone in the medium term.
Overall, XRP price is moving higher above the $2.120 resistance zone. If the bulls remain active and clear the $2.30 resistance, the price could start another increase and clear $2.40.
