The XRP price is consolidating near the $1,450 zone. The price is showing positive signs and could aim for another move above the USD 1.50 level soon.
- XRP price is eyeing a fresh rise above the USD 1,465 resistance zone.
- The price is now trading above USD 1,450 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $1.4580 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain momentum if it breaks the $1,500 resistance.
XRP price holds gains above $1.40
The XRP price remained supported near the $1.30 zone. It formed a base and recently started an upward movement like Bitcoin and Ethereum. There was a move above the USD 1.3550 and USD 1.3750 resistance levels.
There was a break above a key bearish trendline with resistance at $1.4580 on the hourly chart of the XRP/USD pair. The pair managed to break the $1.50 level. A high was formed at $1.5238 and the price is now consolidating near the 23.6% Fib retracement level of the upward move from the $1.2828 swing low to the $1.5238 high.
The price is now trading above $1.45 and the 100-hour Simple Moving Average. On the upside, the price could encounter resistance around the $1,500 level. The first major resistance is around the $1.5250 level.
The next major resistance could be at USD 1,550. A clear move above the USD 1.550 resistance could send the price towards the USD 1.5850 resistance. Any further gains could send the price towards the near-term resistance at $1,600 or even $1,620. The next big hurdle for the bulls could be $1.650 or $1.6550.
Another drop?
If XRP fails to break the USD 1,500 resistance zone, a downward correction may occur. The initial downside support is near the $1.4300 level. The next major support is near the $1.40 level or the 50% Fib retracement level of the upward move from the $1.2828 swing low to the $1.5238 high.
If there is a downside break and a close below the $1.40 level, the price could continue falling towards the $1.3750 support. The next major support is near the $1,350 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 1.4300 and USD 1.4000.
Major resistance levels – $1.5000 and $1.5250.