- XRP surged above 100% in under a month following a break from a multi-month falling-wedge pattern.
- The token reached $2.38 on May 9 with a 7.63 % daily increase, reverting former resistance levels to support.
- Market cap peaked at $142.08B, and strong RSI and MACD numbers proclaim persistent bullish momentum.
XRP, significantly to the delight of many people, recorded a dramatic price rally from early May based on the price action and confirmed the breakout from a multi-month falling wedge.
The asset has traded in a gradually narrow range between January and April 2025, consistently bottoming out at stable lower highs and $2.00 support. Following months of compression, XRP burst through declining resistance lines, plunging into an explosive in-sky movement.
However, this breakout sent meaningful buying waves, with XRP closing above $4.00 for the first time this year. The price doubled within less than a month after surpassing 100% gains. However, the trend shift was followed by cautious technical indicators that bear the potential of a shift upwards after the prolonged bearish price action.
Short-Term Surge Pushes XRP Through Resistance
On May 9, XRP had a 7.63% daily increase after reaching $2.38 through increased trading volume. According to CoinMarketCap, the session opened with a minor correction to lows near $2.11. The drop was reversed as buyers returned, and the environment experienced some fast rallies above several resistance levels.
In addition, price levels that previously put the hold on upward movement, especially $2.21-$2.23, were overhauled and may now be seen as demonstrating initial support. Meanwhile, at $2.30, a new higher high was formed, and a bullish structure was seen on the intraday charts. Before this surge, such key support levels had been established at $2.11–$2.12, where prior buying activity had occurred.
Furthermore, market participants watch the price movement for a continuing or short-term pullback. Analysts observed the $2.30 zone as the turning point to check if the rally can be extended.
Market Capitalization and Indicators Show Overheating
XRP’s market capitalization skyrocketed during the rally, hitting $140.4 billion before retreating to $139.02 billion. The price is still elevated after the breakout despite a 0.86% dip in the recent session.
The Relative Strength Index crossed 71.77, putting the asset in overbought territory. At the same time, the Moving Average Convergence Divergence (MACD) is shown to extend upward bullish momentum. The MACD line touched 3.05B, way above the signal line of 1.55B. This division was a sign of increasingly strong trend power within the rally.
In addition, from immediate data from 15-minute intervals, XRP’s market cap was seen to have reached an impressive $142.08 billion before a slight correction. The asset seemed to receive temporary support near the 0.5 Fibonacci retracement level, near $139.99 billion. The two near-term resistance levels at 0.618 and 0.786, which were nearer to $140.09 billion, were observed during the retrace.
Analysts determined that a support area of between $138.76 billion and $139.78 billion existed in which buyer interest had previously developed. This pullback’s small 0.48% fall did not disturb the overall bearish situation. Rather, current price action reflects XRP consolidating the gains while still on bullish terms above the key technical level.
The near term is a consolidation phase as the market absorbs the recent faster gains. Market operators are eagerly watching the $138.76B-$139.78B area for structural confirmation of support. A prolonged trendline above this zone may resurrect bullish momentum. A breakdown below can trigger a corrective retracement.
