The XRP price is consolidating gains above the $1.00 zone. The price could start a new increase if it crosses the USD 1,150 resistance zone.
- The XRP price started a downward correction below the USD 1,120 level.
- The price is now trading below $1,120 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it breaks the USD 1,150 resistance.
XRP price holds support
The XRP price struggled to start a new increase above the USD 1,150 and USD 1,180 levels. It started a downward correction and traded below the USD 1,120 level. It underperformed Bitcoin and struggled just as much as Ethereum over the past two sessions.
The price is now trading below $1,120 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $1.1380 level. A short-term contracting triangle is also forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair.
The first major resistance is around the $1,150 level. The next major resistance could be $1.1680, or the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.
A clear move above the $1.1680 resistance could send the price towards the $1.200 resistance or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Any further gains could send the price towards the near-term resistance at $1.2250 or even $1.2320. The next big hurdle for the bulls could be $1,250 or $1,265.
More disadvantages?
If XRP fails to break the USD 1.1380 resistance zone, it could continue falling. The initial downside support is near the $1,100 level. The next major support is near the $1.0650 level or the lower trendline of the triangle.
If there is a downside break and a close below the USD 1.0650 level, the price could continue falling towards USD 1.020 in the near term. The next major support is near the $0.980 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – USD 1.1000 and USD 1.0000.
Major resistance levels – $1.1680 and $1.2000.