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XRP price started a decent increase above $1.3650. The price is now consolidating gains and might aim for more gains above the $1.3880 zone.
- XRP price started a steady upward move above the $1.3620 zone.
- The price is now trading above $1.3650 and the 100-hourly Simple Moving Average.
- There was a break above a rising channel with resistance at $1.3400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.3880.
XRP Price Aims Key Upside Break
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 $1.3620 resistance.
Earlier, there was a break above a rising channel with resistance at $1.3400 on the hourly chart of the XRP/USD pair. The bulls even pumped the price toward the $1.3850 zone. A high was formed at $1.3836, and the price started a minor pullback. There was a drop below the 23.6% Fib retracement level of the upward move from the $1.320 swing low to the $1.3836 high.
The price is now trading above $1.3650 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3750 level.
The first major resistance is near the $1.3850 level, above which the price could rise and test $1.3880. A clear move above the $1.3880 resistance might send the price toward the $1.4120 resistance. Any more gains might send the price toward the $1.4250 resistance. The next major hurdle for the bulls might be near $1.450.
Downside Correction?
If XRP fails to clear the $1.3850 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.360 level. The next major support is near the $1.3520 level or the 50% Fib retracement level of the upward move from the $1.320 swing low to the $1.3836 high.
If there is a downside break and a close below the $1.3520 level, the price might continue to decline toward $1.3440. The next major support sits near the $1.3320 zone, below which the price could continue lower toward $1.3250. The main support could be $1.3120.
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 – $1.3600 and $1.3520.
Major Resistance Levels – $1.3880 and $1.40.
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