XRP price is rising and gaining pace above the $1,480 zone. The price is showing positive signs and could aim for a breakout above the USD 1.60 level soon.
- XRP price is eyeing a fresh rise above the USD 1.5850 resistance zone.
- The price is now trading above USD 1,520 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $1.4450 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain momentum if it breaks the $1,600 resistance.
XRP price starts again and rises above $1.50
The XRP price remained supported near the $1,400 zone. It formed a base and recently started an upward movement like Bitcoin and Ethereum. There was a move above the USD 1.420 and USD 1.4350 resistance levels.
There was a break above a key bearish trendline with resistance at $1.4450 on the hourly chart of the XRP/USD pair. The pair managed to break 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.
On the upside, the price could encounter resistance around the $1.5850 level. The first major resistance is around the $1,600 level. The next major resistance could be at $1.6350. A clear move above the USD 1.6350 resistance could send the price towards the USD 1.6650 resistance. Any further gains could send the price towards the near-term resistance at $1,680 or even $1,6920. The next big hurdle for the bulls could be $1.70.
Another withdrawal?
If XRP fails to break the USD 1,600 resistance zone, a downward correction could occur. The initial downside support 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 could continue falling towards the $1.4550 support. The next major support is near the $1,400 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 1.5000 and USD 1.4800.
Major resistance levels – $1.6000 and $1.6350.
