Key takeaways
- XRP rose about 6% in the past 24 hours and is trading around $2.20.
- The cryptocurrency could climb quickly if renewed bullish momentum continues.
XRP clears $2.20 as altcoins climb
XRP, the native token of the Ripple ecosystem, is trading near $2.20 after gaining more than 2% in the last 24 hours. The positive move comes as the broader crypto market recovers from Monday’s pullback.
Bitcoin, the market-leading cryptocurrency by market capitalization, is trading around $93,000 after retesting the $83,000 support level earlier this week. Meanwhile, Ether, the second-largest coin by market cap, is holding above $3,000 and could see further upside in the near term.
The market rally is supported by renewed optimism that the Federal Reserve may cut interest rates next week. A rate reduction could lift the prices of Bitcoin and XRP in the short term and offset recent losses.
XRP targets the psychological $2.50 level
Despite a 6% rise since Tuesday, the four-hour XRP/USD chart remains somewhat bearish and ranges-bound. At the time of writing, XRP is trading at $2.18, below several key moving averages: the 50-period EMA at $2.32, the 100-period EMA at $2.47, and the 200-period EMA at $2.50.
Technical indicators remain cautious but could flip bullish if XRP clears the key breakout area above $2.20. The MACD histogram on the daily chart has turned positive and is expanding, with the MACD line crossing above the signal line, signaling improving bullish momentum.
Additionally, the RSI on the four-hour chart reads around 43, indicating a waning bearish momentum. If recovery continues, XRP could test the next significant resistance near $2.63, with the $2.50 zone representing an important psychological hurdle for the token.
If momentum stalls, bears could regain control and push XRP back toward the $1.90 support level.