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Ripple’s XRP has been showing strong bullish movement, breaking above the $2 mark and continuing to climb. The cryptocurrency is now heading toward its next major price targets. However, in the short term, XRP is experiencing resistance.
XRP Breaks Above $2 and Faces Resistance
Over the past day, XRP has experienced a significant price increase, surpassing $2. According to analyst Josh of Crypto World, once XRP breaks above this level, it tends to make a swift move upwards. The next key level of resistance is $2.50, which XRP has already approached. If XRP can successfully push past $2.50, the next target will likely be $2.75, based on previous price action from January 2018, when XRP experienced key weekly closes in that range. However, at the time of writing, XRP is up by more than 11 percent and is trading at $2.73 levels.
$3 Target: Psychological and Fibonacci Resistance
Looking further ahead, the next significant price target for XRP is $3. This level represents both a psychological resistance and a key Fibonacci extension point, specifically the 1.618 level. The $3 mark is often viewed as a milestone for many traders, and it is highly likely that XRP will face resistance at this level.
However, before reaching $3, XRP needs to break through the resistance zones at $2.50 and $2.75. These are critical levels that could determine whether the cryptocurrency will continue its upward trend or face a potential pullback.
Support Levels in Case of Pullback
In the event of a pullback, there are two major support levels that traders will be watching closely. The first is at $2, which has already shown some strength as a support level. If XRP were to experience a deeper correction, the next support level would be around $1.60, a level where previous resistance is likely to turn into support.