XRP price is rising and gaining pace above the $1.480 zone. The price is showing positive signs and might soon aim for a breakout above the $1.60 level.
- XRP price is eyeing a fresh increase above the $1.5850 resistance zone.
- The price is now trading above $1.520 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain momentum if it clears the $1.600 resistance.
XRP Price Starts Fresh Increase Above $1.50
XRP price remained supported near the $1.400 zone. It formed a base and recently started an upward move like Bitcoin and like Ethereum. There was a move above the $1.420 and $1.4350 resistance levels.
There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair. The pair was able to clear the $1.50 level. There was a clear move above the 61.8% Fib retracement level of the downward move from the $1.6339 swing high to the $1.2594 low.
The price is now trading above $1.50 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $1.6339 swing high to the $1.2594 low.
Source: XRPUSD on TradingView.com
On the upside, the price might face resistance near the $1.5850 level. The first major resistance is near the $1.600 level. The next key resistance could be $1.6350. A clear move above the $1.6350 resistance might send the price toward the $1.6650 resistance. Any more gains might send the price toward the $1.680 resistance or even $1.6920 in the near term. The next major hurdle for the bulls might be $1.70.
Another Pullback?
If XRP fails to clear the $1.600 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.500 level. The next major support is near the $1.480 level.
If there is a downside break and a close below the $1.480 level, the price might continue to decline toward the $1.4550 support. The next major support sits near the $1.400 zone.
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 $1.4800.
Major Resistance Levels – $1.6000 and $1.6350.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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