XRP is making a comeback! After a slow start to May, it’s showing some serious bullish momentum. Let’s dive into the details.
The $2.25 Hurdle
XRP is currently testing the $2.25 mark – a major resistance level it’s been battling since January. This level is crucial; breaking through it could send XRP much higher. But, it’s a tough nut to crack. Even if it breaks through initially, there’s a chance it could pull back and retest this level.
Technical analysis shows that $2.25 is packed with significance. It aligns with several Fibonacci retracement levels from previous price peaks (January and April 2025). The price has repeatedly bounced around this area, showing just how important this level is. Hourly charts show hesitation around $2.249 to $2.273, with several attempts to break through failing.
Overbought Conditions?
While buyers have successfully defended the $2.077 support level (another Fibonacci retracement), the Relative Strength Index (RSI) is nearing 72. This indicates XRP is getting close to being “overbought” on the hourly chart. While not a guaranteed reversal signal, it suggests a rejection at $2.25 could lead to a quick drop towards $2.00 or even $1.90 (where other key support levels lie).
What if XRP Conquers $2.25?
The bigger picture for XRP is bullish. Hourly charts show higher lows since April’s bottom around $1.60. If XRP closes above $2.25, that resistance could turn into support, paving the way for further gains.
The next target? Around $2.36 (April’s high). Breaking through that would strongly confirm the bullish trend and potentially push XRP towards $2.70 and beyond. Trading volume is already supporting this bullish outlook. At the time of writing, XRP has briefly surpassed $2.25 on the hourly chart, but a daily close above this level is needed for confirmation. Currently, XRP is trading at $2.37.