XRP price started a decent increase above $1.3650. The price is now consolidating gains and might aim for more gains above the $1.40 zone.
- XRP price started a steady upward move above the $1.380 zone.
- The price is now trading above $1.3550 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trend line with resistance at $1.3350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.40.
XRP Price Recovers Some Ground
XRP price started a fresh upward move above $1.350 and $1.3550, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.3650 resistance.
There was a break above a bearish trend line with resistance at $1.3350 on the hourly chart of the XRP/USD pair. The bulls even pumped the price toward the $1.3880 zone. A high was formed at $1.3963 and the price started a minor pullback. There was a drop below the 23.6% Fib retracement level of the upward move from the $1.2940 swing low to the $1.3963 high.
The price is now trading above $1.3550 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3820 level.
The first major resistance is near the $1.3880 level, above which the price could rise and test $1.40. A clear move above the $1.40 resistance might send the price toward the $1.4250 resistance. Any more gains might send the price toward the $1.4450 resistance. The next major hurdle for the bulls might be near $1.4650.
Downside Correction?
If XRP fails to clear the $1.3880 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3575 level. The next major support is near the $1.3330 level or the 61.8% Fib retracement level of the upward move from the $1.2940 swing low to the $1.3963 high.
If there is a downside break and a close below the $1.3330 level, the price might continue to decline toward $1.3080. The next major support sits near the $1.3020 zone, below which the price could continue lower toward $1.2880. The main support could be $1.2750.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3575 and $1.3330.
Major Resistance Levels – $1.3880 and $1.40.
