Key Insights
- XRP rose about 6% in the last 24 hours and is trading around $2.20.
- The cryptocurrency could see a stronger rally if broader bullish momentum returns.
XRP Tops $2.20 as Altcoins Gain Momentum
XRP, the native token of the Ripple ecosystem, is trading near $2.20 after gaining more than 2% in the past 24 hours. This positive move comes as the wider crypto market recovers from Monday’s dip.
Bitcoin, the largest cryptocurrency by market capitalization, is trading around $93,000 following a re-test of support near $83,000 earlier this week. At the same time, Ether, the second-largest crypto by market cap, is holding above $3,000 and may continue to climb in the near term.
The market’s rebound is being driven by renewed optimism about a potential interest-rate cut from the Federal Reserve next week. A rate reduction could boost prices for Bitcoin and XRP in the short term and help reverse recent losses.
XRP Eyes Psychological $2.50 Level
Despite a roughly 6% rise since Tuesday, the 4-hour XRP/USD chart remains cautious and shows inefficiencies. At the time of writing, XRP is trading at $2.18, below several key moving averages, including the 50-day EMA at $2.32, the 100-day EMA at $2.47 and the 200-day EMA at $2.50.
Technical indicators remain tilted toward the bears but could flip bullish if XRP clears the immediate resistance above $2.20. The MACD histogram has turned positive and is expanding on the daily chart, with the blue line moving above the red signal line—a sign of improving upward momentum.
Additionally, the 4-hour RSI sits around 43, indicating weakening bearish momentum. If the recovery continues, XRP could target the next significant resistance near $2.63, with the $2.50 area serving as a key psychological level for further gains.
However, if momentum stalls, bears could regain control and push XRP back toward the $1.90 support level.