Key takeaways
- XRP rose about 6% over the past 24 hours and is trading near $2.20.
- The cryptocurrency could see a sharper rally as renewed upside potential emerges.
XRP tops $2.20 as altcoins climb
XRP, the native token of the Ripple ecosystem, is trading around $2.20 after gaining more than 2% in the last 24 hours and roughly 6% since Tuesday. The uptick comes as the broader cryptocurrency market recovers from Monday’s pullback.
Bitcoin, the largest cryptocurrency by market capitalization, is trading near $93,000 after retesting support around $83,000 earlier this week. Meanwhile, Ether, the second-largest token by market cap, is holding above $3,000 and shows potential for further near-term gains.
Markets have rallied on renewed optimism about a possible interest-rate cut by the Federal Reserve next week. A cut in rates could boost prices for Bitcoin and XRP in the short term, helping to recover recent losses.
XRP faces psychological $2.50 level
The XRP/USD 4-hour chart remains tilted toward the bears and appears inefficient despite the recent 6% rise since Tuesday. At the time of writing, XRP is trading at $2.18, below several 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 are still bearish but could turn more constructive if XRP clears major resistance above $2.20. The MACD histogram on the daily chart has turned positive and is widening, while the MACD line crossing above the signal line points to improving bullish momentum.
Additionally, the RSI on the 4-hour chart sits at 43, indicating that downward momentum has eased. If the current rebound holds, XRP could move toward the next significant resistance near $2.63, with the $2.50 region representing an important psychological and technical level.
On the downside, if momentum stalls, bears could reassert control and push XRP back toward support around $1.90.