XRP price started a steady increase above $1.3880. The price is now consolidating gains and might aim for more gains above the $1.420 zone.
- XRP price started a steady increase above the $1.4050 zone.
- The price is now trading above $1.4050 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $1.3910 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.420.
XRP Price Could Soon Accelerate Higher
XRP price started a fresh upward move above $1.3950 and $1.3980, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.4050 resistance.
The bulls even pumped the price toward the $1.420 zone. A high was formed at $1.4199, and the price started a consolidation phase. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $1.3460 swing low to the $1.4199 high.
The price is now trading above $1.4050 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $1.3910 on the hourly chart of the XRP/USD pair.
If there is a fresh upward move, the price might face resistance near the $1.4120 level. The first major resistance is near the $1.420 level, above which the price could rise and test $1.4320. A clear move above the $1.4320 resistance might send the price toward the $1.450 resistance. Any more gains might send the price toward the $1.4740 resistance. The next major hurdle for the bulls might be near $1.50.
Downside Correction?
If XRP fails to clear the $1.420 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3910 level and the trend line. The next major support is near the $1.3830 level and the trend line or the 50% Fib retracement level of the upward move from the $1.3460 swing low to the $1.4199 high.
If there is a downside break and a close below the $1.3830 level, the price might continue to decline toward $1.3550. The next major support sits near the $1.3320 zone, below which the price could continue lower toward $1.320. 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 – $1.3910 and $1.3830.
Major Resistance Levels – $1.4200 and $1.4500.
