XRP’s Bullish Break Above $2
Ripple’s XRP has recently demonstrated a remarkable bullish trend, breaking through the $2 threshold and continuing its upward trajectory. This significant movement has positioned XRP towards its subsequent major price targets. However, despite the bullish momentum, XRP is encountering some resistance in the short term.
XRP Breaks Above $2 and Faces Resistance
In the past 24 hours, XRP has seen a notable increase in its price, surpassing the $2 mark. According to analyst Josh from Crypto World, XRP typically exhibits a rapid upward movement once it surpasses this level. The next critical resistance level is at $2.50, a point that XRP has already neared. Surpassing this would likely set a new target at $2.75, reflecting previous price actions observed in January 2018, when XRP saw significant weekly closes within that range. At the current moment, XRP is up by over 11 percent, trading around $2.73.
$3 Target: Psychological and Fibonacci Resistance
Looking further ahead, XRP’s next significant price target is $3. This level not only serves as a psychological benchmark for traders but also aligns with a crucial Fibonacci extension point, notably the 1.618 level. As XRP approaches the $3 mark, it is expected to encounter resistance. However, before this milestone can be reached, XRP needs to successfully navigate through the resistance zones at $2.50 and $2.75. These levels are pivotal in determining whether XRP will maintain its upward momentum or experience a potential pullback.
Support Levels in Case of Pullback
In the scenario of a pullback, traders will closely monitor two main support levels. The first significant support level is at $2, which has already proven to be a robust support area. Should XRP experience a more profound correction, the next support level would be approximately $1.60. This level is anticipated to transform previous resistance into support, providing a cushion for the cryptocurrency.
