XRP price rose above the USD 1.15 and USD 1.20 resistance levels. The price is up over 25% and could rise further above the USD 1,420 resistance.
- The XRP price started a new increase above the $1.20 resistance level.
- The price is now trading above $1,250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $1.1400 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair is up over 25% and it looks like the bulls aren’t done yet.
XRP Price Sees Steady Rise
The XRP price formed a base above USD 1,050 and started a new increase. There was a move above the USD 1,150 and USD 1.20 resistance levels. It even rose above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trendline with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was reached at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance around the $1,400 level. The first major resistance is around the $1,420 level. The next major resistance could be at USD 1,450.
A clear move above the USD 1.450 resistance could send the price towards the USD 1.50 resistance. Any further gains could send the price towards the near-term resistance at $1,550 or even $1,620. The next big hurdle for the bulls could be $1,750 or $1.80.
Are dips supported?
If XRP fails to break the USD 1,420 resistance zone, a downward correction could occur. The initial downside support is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price could continue to decline towards the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support is near the $1.20 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 1.3350 and USD 1.2850.
Major resistance levels – $1.4000 and $1.4200.