XRP price started a steady increase above $1.50. The price is now consolidating gains and might aim for more gains above the $1.520 zone.
- XRP price started a steady increase above the $1.50 zone.
- The price is now trading above $1.480 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.520.
XRP Price Aims for Fresh Increase
XRP price started a fresh upward move above $1.450 and $1.4650, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.480 resistance.
There was a break above a bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair. The bulls even pumped the price toward the $1.520 zone. A high was formed at $1.5496, 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 $1.4109 swing low to the $1.5496 high.
The price is now trading above $1.480 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.50 level. The first major resistance is near the $1.520 level, above which the price could rise and test $1.5350. A clear move above the $1.5350 resistance might send the price toward the $1.550 resistance. Any more gains might send the price toward the $1.5740 resistance. The next major hurdle for the bulls might be near $1.5880.
Downside Correction?
If XRP fails to clear the $1.520 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.480 level and the 50% Fib retracement level of the upward move from the $1.4109 swing low to the $1.5496 high. The next major support is near the $1.4640 level.
If there is a downside break and a close below the $1.4640 level, the price might continue to decline toward $1.450. The next major support sits near the $1.4350 zone, below which the price could continue lower toward $1.4120. The main support could be $1.4050.
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 – $1.4800 and $1.4640.
Major Resistance Levels – $1.5000 and $1.5200.
