XRP price may surge if bulls push above $2.80 resistance level

XRP Price Holds Above $2.60 Support as Bulls Eye Breakout Toward $2.80

XRP price is gaining fresh momentum, as the token is trading at around $2.64. it has also remained above major exponential moving averages (EMAs) such as the 20-day and 50-day EMAs at $2.61 and $2.56, respectively. This trend indicates an increase in the short-term market momentum.

In a recent analysis chart posted on X by crypto analyst Ali Martinez, it was pointed out that the XRP activity is in a downside channel and is likely to soon run into a resistance at 2.80. This is in line with the current market trends, with buyers standing their grounds at the 2.45 support zone, marking the 61.8% fibonacci retracement. If the price holds support, it may rise to $2.80 region, which could trigger a long-term recovery.

Source: X

Moreover, the price pattern suggests that Altcoin has been consolidating above the $2.60 level for almost a week. Provided bulls could fight to maintain the existing levels of support at $2.60 and $2.55, a shift to the $2.80-$3.00 area might be seen in the near future.

Market Indicators Support Positive XRP Price Prediction

 Source: TradingView

Additionally, technical indicators provide signals for the price prediction outlook. On the one-day TradingView chart, it trades near session highs at $2.68. 

The Relative Strength Index (RSI) is near $45, indicating a neutral to slightly bullish momentum. Furthermore, the Moving Average Convergence and Divergence (MACD) is indicating weak upward momentum. The two indicators suggest there is early bullish momentum after a period of weakness.

Despite the broader trend, it has recovered from its low point of about $2.35. The price increase to $2.63 is a pointer of a recovery phase in the larger bearish pattern. The short-term resistance falls between $2.70 and $2.80 which will be followed in case of confirmation of breakout.

If the price holds above $2.60 and crosses $2.70, XRP may signal a surge to the $3.10 to $3.25 levels. However, a fall below $2.55 may cause a reversal to $2.45 or $2.35.

Rising Open Interest Suggests Upcoming Volatility

Data from Coinglass shows XRP’s open interest rising to $4.42 billion by October 28, up from below $3.4 billion in mid-October. This expansion is a sign of greater speculation and high price volatility. Increased leveraged positions may also amplify the market trends as traders are setting up a possible break.

Source: Coinglass

Exchange data also highlights consistent Ripple outflows, which indicate accumulation over a long period. On October 29, the net outflow totaled $9.09 million, indicating a decrease in supply in exchanges. Historically, a decline in supply has favored a positive price momentum.

Currently, Xrp price forecast is optimistic, though traders are positioning with caution. Until Altcoin breaks above the $2.70 price and accelerates beyond $2.80, the price may move upward to $3.10 or higher.