XRP price started a decent increase above $1.450. The price is now consolidating gains and might aim for more gains above the $1.480 zone.
- XRP price started a decent upward move above the $1.450 zone.
- The price is now trading above $1.4550 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $1.410 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.480.
XRP Price Extends Its Rally
XRP price started a decent upward move above $1.420 and $1.4320, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.450 resistance.
The bulls even pumped the price toward the $1.4750 zone. A high was formed at $1.4798 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.3855 swing low to the $1.4798 high.
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The price is now trading above $1.4550 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.480 level. The first major resistance is near the $1.4850 level, above which the price could rise and test $1.50.
Source:
XRPUSD on TradingView.com
A clear move above the $1.50 resistance might send the price toward the $1.5250 resistance. Any more gains might send the price toward the $1.5320 resistance. The next major hurdle for the bulls might be near $1.550.
Downside Correction?
If XRP fails to clear the $1.480 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.450 level. The next major support is near the $1.4325 level or the 50% Fib retracement level of the upward move from the $1.3855 swing low to the $1.4798 high.
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If there is a downside break and a close below the $1.4325 level, the price might continue to decline toward $1.420. The next major support sits near the $1.410 zone and the trend line, below which the price could continue lower toward $1.3880. The main support could be $1.3680.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
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Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.450 and $1.4320.
Major Resistance Levels – $1.480 and $1.50.
