XRP has shown significant growth over the past week, surpassing key resistance levels. However, indicators suggest a potential retracement, capturing traders' attention.
Strong Performance and Key Resistance Levels
Over the past week, XRP's price surged from below $2.50 to a recent high of $3.47, marking nearly a 40% increase in just a few days. XRP has broken through important resistance levels at $2.80 and $3.00, currently consolidating just below the $3.50 level.
Indicators and Possible Retracement
The Relative Strength Index (RSI) is flashing an early warning signal at 72.42, indicating overbought conditions. Historically, XRP tends to pull back when the RSI crosses above 70. Traders should monitor for a potential dip towards the 21 MA around $3.26 or into the $2.80-$3.00 support zone.
Predictions and Key Support Levels
Key levels to watch include immediate resistance in the $3.50-$3.60 zone, major resistance at the $4.00 psychological level, and short-term support at $3.26 (21 EMA) and then $2.80. Successfully holding above the $2.80-$3.00 range increases the likelihood of reaching $4.00.
Despite signs of a near-term cooldown, the macro structure remains bullish, and further gains for XRP seem likely as long as key support levels are maintained.
