XRP Targets $2.60 After Breaking $2.47 Resistance

XRP is showing renewed strength, trading at $2.4528 at the time of writing, with a 1.04% increase over the past 24 hours. The current market trend is leaning bullish

XRP price has shown signs of renewed strength on Thursday, trading at $2.4528 at the time of writing, up 1.04% over the past 24 hours. The cryptocurrency is showing signs of bullish momentum, with technical indicators suggesting that the asset may be poised for further gains.

As Rockwell Capital notes, the Bollinger Bands are converging, which can sometimes be an indication that a period of consolidation is coming to an end and a large move is about to begin. At the moment, XRP is very close to the upper band of the Bollinger Bands at $2.4747, which may be providing some resistance. However, if XRP can break above this level and close above it decisively, then it could open the door for a move towards the next key resistance level at $2.60.

On the other hand, if sellers take control and push XRP lower, then the lower band of the Bollinger Bands at $2.3156 may offer some support.

The 9-period Exponential Moving Average (EMA) is providing support at $2.4312, while the 9-period Triple Exponential Moving Average (TEMA) is providing resistance at $2.4552. If buyers can push XRP above the TEMA, then it could be an indication that the asset is continuing its upward trend.

Relative Strength Index (RSI) is showing signs of strength, having risen to 58.39. The RSI is now approaching the overbought zone, which could provide some resistance to further gains. However, the fact that the RSI is trending upwards suggests that buyers still have the upper hand.

Moving Average Convergence Divergence (MACD) is also showing signs of bullish momentum. The MACD recently crossed bullishly and the green histogram bars are increasing, both of which are signs that momentum is growing. At the moment, the MACD line is at 0.0174 and the signal line is at 0.0094.

Overall, the technical indicators suggest that XRP is in a bullish phase and may be due for a breakout. If buyers can maintain their momentum and push XRP above the immediate resistance at $2.47, then the next key target is $2.60. On the downside, support is provided by the EMA at $2.43 and then around $2.31 at the lower Bollinger Band.