XRP Price Surge: Could $1.50 Be Next?

XRP has ignited a remarkable rally, climbing over 25% and decisively breaking above the key $1.00 support level. This surge follows a period of consolidation, and the momentum is undeniable. But can this rally sustain its upward trajectory? Let’s delve into the technical analysis.

The initial breakout above the $0.88 resistance acted as a catalyst, propelling XRP beyond $1.00 and comfortably above the 100-hourly Simple Moving Average (SMA). A crucial technical breakthrough occurred with the decisive break above a connecting bearish trend line, previously acting as resistance near $1.05 (data from Kraken).

This strong bullish momentum is further supported by the fact that XRP significantly outperformed Bitcoin and Ethereum during its recent surge. The price even touched $1.2747 before a minor pullback. The subsequent dip found support around $1.00, solidifying the strength of this level.

Technical Analysis:

• Resistance Levels: Immediate resistance lies near $1.1380 (close to the 50% Fibonacci retracement of the recent downward swing), followed by stronger resistance at $1.20 (76.4% Fibonacci retracement) and a crucial psychological barrier at $1.25. A break above $1.25 could open the path to $1.32, $1.385, and potentially even $1.40 – before a significant challenge near $1.50.
• Support Levels: Key support rests at $1.05, and a more substantial level exists at $1.00. A break below $1.00 could trigger a decline towards $0.9320, and further down to $0.88.
• Technical Indicators: Both the hourly MACD and RSI are displaying bullish signals, indicating strong upward momentum.

What’s Next?

The continued upward trajectory depends heavily on whether XRP can convincingly clear the $1.1380 resistance. Failure to do so could lead to a minor correction, but as long as the $1.00 support holds, the bullish outlook remains intact. The overall picture suggests a bullish trend, however, traders should always remain vigilant and manage risk accordingly. The potential for a significant move towards $1.50 is there, but it hinges on sustained buying pressure and overcoming key resistance levels.