Key Points
- XRP rose about 6% in the past 24 hours and is trading near $2.20
- The cryptocurrency could surge further amid renewed upside potential
XRP Climbs Above $2.20 as Altcoins Gain
XRP, the native token of the Ripple ecosystem, is trading around $2.20 after gaining more than 2% over the last 24 hours. The positive move came as the broader crypto market rebounded from Monday’s declines.
Bitcoin, the largest cryptocurrency by market capitalization, is trading near $93,000 after retesting the $83,000 support level earlier this week. Meanwhile, Ether, the second-largest coin by market cap, is above $3,000 and shows potential for further upside in the near term.
The market rally is driven by renewed optimism that the U.S. Federal Reserve may cut interest rates in the coming weeks. A rate cut could boost the prices of Bitcoin and XRP in the near term, potentially reversing recent losses.
XRP Eyes the Psychological $2.50 Level
The XRP/USD 4-hour chart remains in a downtrend and shows limited strength despite the token’s 6% gain since Tuesday. At the time of writing, XRP trades 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 bearish but could shift bullish if XRP breaks the major resistance above $2.20. The MACD histogram on the daily chart has turned positive and is widening, with the blue line above the red signal line, indicating improving upward momentum.
On the 4-hour chart, the RSI reads 43, signaling that downward momentum is easing. If the recovery continues, XRP could push toward the next major resistance at $2.63 in the near term, while the $2.50 area stands out as a key psychological level for the token.
However, if momentum stalls, bears could regain control and XRP may retest support around $1.90.