On a day marked by enthusiasm in the crypto market, XRP, the native cryptocurrency of Ripple, has reached a new daily peak of $2.34 USD this morning, consolidating itself as one of the standout assets of the day. This increase reflects a significant technical breakout, driven by a combination of fundamental factors and trading patterns that have captured the attention of analysts and traders.
Why did it rise #XRPRealityCheck today?
The XRP rally to $2.34 is attributed to several technical and fundamental catalysts:
Breakout of resistance at $2.33: XRP surpassed a critical resistance level, validating a "falling wedge" pattern observed in 4-hour and 3-day charts. This breakout, accompanied by an increase in trading volume (~$2.58B according to recent data), signals strong bullish momentum.
Moving average crossover: The bullish crossover of the EMA 50 ($2.25) over the EMA 200 ($2.20) on the daily timeframe reinforces the positive trend, attracting technical investors.
Momentum indicators: The RSI (14 days) is at ~45-50, moving away from oversold and leaving room for further increases, while the MACD shows bullish convergence.
External catalysts: The resolution of the SEC vs. Ripple case (with no appeal since June 30) and the launch of the EVM sidechain on XRPL have improved sentiment, suggesting increasing institutional backing.
Support levels to monitor
After this advance, analysts warn that a correction may be on the horizon. Key technical support levels include:
$2.30-$2.32: Immediate support, now that the former resistance of $2.33 acts as psychological support and coincides with the EMA 50.
$2.25-$2.26: Critical level aligned with the EMA 100 and the recent consolidation range, likely a natural retracement point.
$2.20-$2.21: Secondary support based on the 38.2% Fibonacci retracement ($2.19 to $2.34) and the recent low.
$2.16-$2.18: More robust support, coinciding with the 50% Fibonacci level and the weekly SMA 200.
$2.10: Long-term level
