XRP Price Surges Back: Is This the Start of a Major Bull Run?

XRP bulls are back in the driver's seat—just as Wall Street 'experts' finish another round of doom predictions.

After weeks of sideways action, the remittance token is showing fresh signs of life. The question now: Is this another dead-cat bounce, or the real deal?

Technical indicators flash green while skeptics mutter about 'overbought' conditions. Meanwhile, traders who missed Bitcoin's rally eye XRP like last-call at a crypto bar.

One thing's certain: If this breakout holds, the 'when lambo' crowd will suddenly remember their 2017 nostalgia. Just don't tell the SEC.

XRP Price Eyes Fresh Increase

XRP price started a fresh increase after it settled above the $2.2620 level, beating Bitcoin and Ethereum. The price was able to climb above the $2.280 resistance level.

The recent MOVE was positive and the bulls pushed the price above the 50% Fib retracement level of the downward move from the $2.353 swing high to the $2.251 low, and tested the $2.32 zone. Besides, there is also a key bullish trend line forming with support at $2.280 on the hourly chart of the XRP/USD pair.

The price is now trading above $2.280 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance NEAR the $2.320 level. The first major resistance is near the $2.330 level or the 76.4% Fib retracement level of the downward move from the $2.353 swing high to the $2.251 low.

A clear move above the $2.330 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.40 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be near the $2.50 zone.

Another Decline?

If XRP fails to clear the $2.320 resistance zone, it could start another decline. Initial support on the downside is near the $2.280 level and the trend line zone. The next major support is near the $2.250 level.

If there is a downside break and a close below the $2.250 level, the price might continue to decline toward the $2.220 support. The next major support sits near the $2.20 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.280 and $2.250.

Major Resistance Levels – $2.330 and $2.350.