Key takeaways
- XRP rose about 6% over the past 24 hours and is trading near $2.2.
- The cryptocurrency could see a sharp rise as bullish momentum returns to the market.
XRP tops $2.2 as altcoins rally
XRP, the native token of the Ripple ecosystem, is trading around $2.2 after gaining more than 2% in the last 24 hours. This upside comes amid a broader crypto market recovery following Monday’s pullback.
Bitcoin, the largest cryptocurrency by market capitalization, is trading near $93,000 after retesting the $83,000 support level earlier this week. Ether, the second-largest token, is above $3,000 and shows signs of potential further gains in the near term.
The market advance is driven in part by renewed optimism about a potential interest-rate cut from the Federal Reserve next week. A rate cut could lift prices for Bitcoin and XRP in the short term, potentially reversing recent losses.
XRP eyes psychological $2.5 level
Despite a roughly 6% gain since Tuesday, the 4-hour XRP/USD chart remains relatively bearish and inefficient. At the time of writing, XRP trades around $2.18, below key moving averages: 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 cautious but could turn bullish if XRP clears the main resistance just above $2.2. The MACD histogram on the daily chart has turned positive and is widening, with the blue line sitting above the red signal line—a sign of improving upward momentum.
Additionally, the 4-hour RSI reads around 43, indicating waning bearish pressure. If the recovery continues, XRP could advance to the next significant resistance near $2.63, with the $2.50 area acting as a key psychological level for the token.
On the downside, if upward momentum stalls, bears could regain control and push XRP to retest support near $1.90.