XRP price rose further above the USD 1.45 and USD 1.50 resistance levels. The price is now consolidating gains near $1.40 and could aim for more upside.
- XRP price started a new rise above the $1.40 resistance level.
- The price is now trading above USD 1,350 and the 100-hourly Simple Moving Average.
- A new connecting bearish trendline is forming with resistance at $1,450 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair is showing positive signs and could continue its rally above the $1,450 resistance.
XRP price holds gains
The XRP price formed a base above USD 1,250 and started a new increase. There was a move above the USD 1,350 and USD 1.40 resistance levels. It even rose above the $1.50 level, beating Ethereum and Bitcoin in the past two days.
A high was formed at $1.6339 before a pullback occurred. The price fell below the $1.50 support level. A low was formed at $1.3007 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The price is now trading above $1.40 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $1,420 level. The first major resistance is around the $1,450 level.
A new connecting bearish trendline is also forming with resistance at $1,450 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The next major resistance could be at USD 1,500. A clear move above the USD 1.50 resistance could send the price towards the USD 1.5550 resistance. Any further gains could send the price towards the near-term resistance at $1,620 or even $1,650. The next big hurdle for the bulls could be $1,750 or $1.80.
Are dips limited?
If XRP fails to break the USD 1,450 resistance zone, a downward correction could occur. The initial downside support is near the $1.3450 level. The next major support is near the $1,320 level.
If there is a downside break and a close below the $1,320 level, the price could continue falling towards the $1,300 support. The next major support is near the $1,240 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 1.4200 and USD 1.4000.
Major resistance levels – $1.4500 and $1.5000.