XRP Price Eyes Fresh Upside: Can Bulls Deliver?
XRP price is consolidating gains near the $1.450 zone. The price must clear the $1.50 resistance zone to start a fresh increase in the near term.
- XRP price is attempting a fresh increase from the $1.300 level.
- The price is now trading near $1.450 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and might eye a fresh increase above the $1.50 resistance.
XRP Price Holds Gains
XRP price formed a base above $1.30 and started a fresh increase. There was a move above the $1.350 and $1.42 resistance levels. It even pumped above the $1.45 level, beating Ethereum and Bitcoin in the past two sessions.
The price spiked above the 61.8% Fib retracement level of the downward move from the $1.6340 swing high to the $1.3007 low. However, the bears seem to be active near the $1.50 resistance zone. There is also a key contracting triangle forming with resistance at $1.50 on the hourly chart of the XRP/USD pair.
The price is now trading near $1.45 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.4680 level. The first major resistance is near the $1.50 level.
Source: XRPUSD on TradingView.comThe next key resistance could be $1.550 or the 76.4% Fib retracement level of the downward move from the $1.6340 swing high to the $1.3007 low. A clear move above the $1.550 resistance might send the price toward the $1.6350 resistance. Any more gains might send the price toward the $1.680 resistance or even $1.6850 in the near term. The next major hurdle for the bulls might be $1.720 or $1.750.
Are Dips Supported?
If XRP fails to clear the $1.50 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.400 level and the triangle’s lower trend line. The next major support is near the $1.380 level.
If there is a downside break and a close below the $1.380 level, the price might continue to decline toward the $1.3200 support. The next major support sits near the $1.2650 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 – $1.4000 and $1.3800.
Major Resistance Levels – $1.5000 and $1.5500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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