XRP Rallies 15% as Bullish Trend Emerges Above $2.00

XRP, the cryptocurrency associated with Ripple, has shown signs of a potential rally as it began a fresh recovery wave above the $2.00 zone. The price has been trading above $2.150 and the 100-hourly Simple Moving Average, indicating a bullish trend. A short-term bullish trend line is forming with support at $2.188 on the hourly chart of the XRP/USD pair, suggesting that the price might continue to move up if it clears the $2.250 resistance zone.

XRP price has remained supported and started a recovery wave from the $1.90 zone, similar to other major cryptocurrencies like Bitcoin and Ethereum. The price was able to clear the $2.00 and $2.050 resistance levels and even surpassed the 50% Fib retracement level of the downward wave from the $2.365 swing high to the $1.90 low. However, bears are active near the $2.250 resistance zone, which could potentially hinder the upward momentum.

On the upside, the price might face resistance near the $2.250 level, which is near the 76.4% Fib retracement level of the downward wave from the $2.365 swing high to the $1.90 low. The first major resistance is near the $2.3650 level. If the price manages to clear this resistance, the next resistance levels are $2.450, $2.50, and $2.550. Any more gains might send the price toward the $2.650 resistance or even $2.80 in the near term.

If XRP fails to clear the $2.250 resistance zone, it could start another decline. Initial support on the downside is near the $2.1880 level and the trend line. The next major support is near the $2.120 level. If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.

Technical indicators also support the bullish outlook for XRP. The MACD for XRP/USD is now gaining pace in the bullish zone, and the RSI for XRP/USD is now above the 50 level. Major support levels are $2.180 and $2.120, while major resistance levels are $2.250 and $2.350. These indicators suggest that XRP is in a bullish trend and could potentially rally if it clears the $2.250 resistance zone.