Key conclusions
- XRP rose about 6% in the last 24 hours and is trading near $2.20.
- The cryptocurrency could see a sharp rally if renewed bullish momentum continues.
XRP tops $2.20 as altcoins gain
XRP, the native token of the Ripple ecosystem, is trading near $2.20 after adding more than 2% to its value over the past 24 hours. This positive performance comes as the broader crypto market recovers from Monday’s pullback.
Bitcoin, the largest cryptocurrency by market cap, is trading around $93,000 after retesting support at $83,000 earlier this week. Meanwhile, Ether, the second-largest by market cap, is trading above $3,000 and appears positioned for further short-term gains.
The market tone has improved on renewed optimism that the Federal Reserve could signal a rate cut next week. Expectations of a rate reduction could boost Bitcoin and XRP prices in the near term, potentially reversing some recent losses.
XRP eyes the $2.50 psychological level
The XRP/USD 4-hour chart remains cautious and shows limited upside despite Tuesday’s 6% gain. 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 are still leaning bearish but could shift bullish if XRP clears the key resistance above $2.20. The MACD histogram has turned positive and expanded on the daily chart, with the blue MACD line above the red signal line, indicating growing upward momentum.
Additionally, the 4-hour RSI reads about 43, reflecting waning downward pressure. If the recovery continues, XRP could push toward the next major resistance near $2.63 in the short term, while the $2.50 zone remains an important psychological barrier.
However, if bullish momentum stalls, bears could regain control and XRP might retest support around $1.90.