The XRP price is currently consolidating near the $1.450 zone, showing promising signs of an upward trend. With positive indicators, it might soon target a fresh move above the $1.50 level. This article explores the current price dynamics and future possibilities for XRP.
XRP Price Targets a Fresh Upsurge
- XRP price is poised for a new increase above the $1.465 resistance zone.
- The cryptocurrency is now trading above $1.450 and the 100-hourly Simple Moving Average (SMA).
- A key bearish trend line was breached, with resistance at $1.4580 on the hourly chart of the XRP/USD pair (data sourced from Kraken).
- The pair might gain significant momentum if it successfully clears the $1.500 resistance level.
XRP Price Holds Gains Above $1.40
The XRP price has maintained its position above the $1.30 zone, forming a solid base and initiating an upward trajectory similar to Bitcoin and Ethereum. This upward movement broke through resistance levels at $1.3550 and $1.3750. The breach of a key bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair has been pivotal. The pair successfully surpassed the $1.50 level, reaching a high of $1.5238, and is now consolidating near the 23.6% Fibonacci retracement level of the upward move from the $1.2828 swing low to the $1.5238 high.
Currently, XRP is trading above $1.45 and the 100-hourly Simple Moving Average. On the upside, the price might encounter resistance near the $1.500 level. The first major resistance is anticipated near the $1.5250 level.
Looking further ahead, the next key resistance could be at $1.550. A clear move above this resistance might propel the price towards the $1.5850 resistance. Further gains could see the price reaching the $1.600 resistance or even $1.620 in the near term. For the bulls, the next significant hurdle might appear at $1.650 or $1.6550.
Potential for Another Decline?
In the event that XRP fails to overcome the $1.500 resistance zone, a downside correction could initiate. The initial support on the downside is expected near the $1.4300 level. The next major support is situated near the $1.40 level or the 50% Fibonacci retracement level of the upward move from the $1.2828 swing low to the $1.5238 high.
Should a downside break occur, leading to a close below the $1.40 level, the price might continue its decline towards the $1.3750 support. The subsequent major support resides near the $1.350 zone.
Technical Indicators
- Hourly MACD: The MACD for XRP/USD is currently losing momentum in the bullish zone.
- Hourly RSI: The Relative Strength Index (RSI) for XRP/USD is now positioned above the 50 level, indicating a positive trend.
Major Support Levels
$1.4300 and $1.4000
Major Resistance Levels
$1.5000 and $1.5250
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