XRP Price Retains Strength: Is a New Upside Push Imminent?
XRP price is consolidating near the $1.450 zone. The price is showing positive signs and might soon aim for a fresh move above the $1.50 level.
- XRP price is eyeing a fresh increase above the $1.465 resistance zone.
- The price is now trading above $1.450 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain momentum if it clears the $1.500 resistance.
XRP Price Holds Gains Above $1.40
XRP price remained supported near the $1.30 zone. It formed a base and recently started an upward move like Bitcoin and like Ethereum . There was a move above the $1.3550 and $1.3750 resistance levels.
There was a break above a key bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair. The pair was able to clear the $1.50 level. A high was formed at $1.5238 and the price is now consolidating near the 23.6% Fib retracement level of the upward move from the $1.2828 swing low to the $1.5238 high.
The price is now trading above $1.45 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.500 level. The first major resistance is near the $1.5250 level.
Source: XRPUSD on TradingView.comThe next key resistance could be $1.550. A clear move above the $1.550 resistance might send the price toward the $1.5850 resistance. Any more gains might send the price toward the $1.600 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.650 or $1.6550.
Another Decline?
If XRP fails to clear the $1.500 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.4300 level. The next major support is near the $1.40 level or the 50% Fib retracement level of the upward move from the $1.2828 swing low to the $1.5238 high.
If there is a downside break and a close below the $1.40 level, the price might continue to decline toward the $1.3750 support. The next major support sits near the $1.350 zone.
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 – $1.4300 and $1.4000.
Major Resistance Levels – $1.5000 and $1.5250.
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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