XRP price started a strong increase above $1.520. The price is now consolidating gains and might aim for more gains if it stays above the $1.50 zone.
- XRP price started a fresh increase above the $1.50 zone.
- The price is now trading above $1.50 and the 100-hourly Simple Moving Average.
- There was a break above a declining channel with resistance at $1.5250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.5550.
XRP Price Corrects Gains
XRP price started a major upward move above $1.40 and $1.50, beating Bitcoin and Ethereum. The price gained pace for a clear move above the $1.5250 resistance.
The bulls even pumped the price above the $1.550 zone. A high was formed at $1.6068 and the price started a downside correction. There was a move below $1.550 and $1.5250. The price dipped below the 23.6% Fib retracement level of the upward move from the $1.3855 swing low to the $1.6068 high.
However, the bulls were active near $1.50 or the 50% Fib retracement level of the upward move from the $1.3855 swing low to the $1.6068 high. The price is now trading above $1.50 and the 100-hourly Simple Moving Average. There was also a break above a declining channel with resistance at $1.5250 on the hourly chart of the XRP/USD pair.
If there is a fresh upward move, the price might face resistance near the $1.5550 level. The first major resistance is near the $1.580 level, above which the price could rise and test $1.60.
A clear move above the $1.60 resistance might send the price toward the $1.6250 resistance. Any more gains might send the price toward the $1.650 resistance. The next major hurdle for the bulls might be near $1.6880.
More Downside?
If XRP fails to clear the $1.60 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.520 level. The next major support is near the $1.50 level.
If there is a downside break and a close below the $1.50 level, the price might continue to decline toward $1.470. The next major support sits near the $1.4520 zone, below which the price could continue lower toward $1.4220. Any more losses might call for a test of $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 – $1.5000 and $1.4700.
Major Resistance Levels – $1.5550 and $1.6000.
