XRP price is consolidating gains above the $1.050 support zone. The price could soon aim for more gains above the $1.180 resistance zone.
- XRP price started another increase above the $1.080 resistance.
- The price is now trading above $1.0850 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $1.100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could soon gain bullish momentum if it stays above the $1.00 support zone.
XRP Price Aims Higher
XRP price formed a base above the $1.00 level and recently started a fresh increase. It outperformed Bitcoin and Ethereum with a move above the $1.050 and $1.080 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $1.2745 swing high to the $0.9988 low. The bulls even pushed the price above the $1.150 resistance level before the bears appeared. It seems like the price faced resistance near $1.170.
The 61.8% Fib retracement level of the downward move from the $1.2745 swing high to the $0.9988 low is acting as a hurdle. However, there is a key bullish trend line forming with support at $1.100 on the hourly chart of the XRP/USD pair.
The price is now trading above $1.080 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1680 level. The first major resistance is near the $1.200 level.
The next key resistance could be $1.2740. A clear move above the $1.2740 resistance might send the price toward the $1.3220 resistance. Any more gains might send the price toward the $1.3500 resistance or even $1.3620 in the near term. The next major hurdle might be $1.450.
Are Dips Supported?
If XRP fails to clear the $1.1680 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.100 level and the trend line. The next major support is near the $1.060 level.
If there is a downside break and a close below the $1.060 level, the price might continue to decline toward the $1.000 support in the near term. The next major support sits near the $0.980 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.1000 and $1.0600.
Major Resistance Levels – $1.1700 and $1.2000.
