XRP Price Targets Its Next Move: Will It Break Higher Again?
XRP price is consolidating gains above the $1.00 area. If it breaks above the $1.150 resistance zone, the price may start a fresh rise.
- XRP price started a downward correction below $1.120.
- The price is currently 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 (Data source: Kraken).
- The pair is likely to gain bullish momentum if it breaks the $1.150 resistance.
XRP price holds support
XRP price struggled to start a new leg of gains above the $1.150 and $1.180 levels. It started a downward correction and fell below the $1.120 level. it performs poorly Bitcoin and struggle like this Ethereum in the past two sessions.
The price is currently below $1.120 and the 100 hourly simple moving average. On the upside, the price may face resistance near $1.1380. There is also a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair.
The first major resistance level is near $1.150. The next key resistance level is likely to be $1.1680, the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to $0.9988 low.
A clear break above the $1.1680 resistance could push the price toward the $1.200 resistance or the 76.4% Fibonacci retracement level of the decline from the $1.2747 swing high to $0.9988 low. Any further gains could push the price towards the $1.2250 resistance or even $1.2320 in the short term. The next major obstacle for the bulls is likely to be $1.250 or $1.265.
Are there more drawbacks?
If XRP fails to break above the $1.1380 resistance zone, it may continue its decline. Initial support on the downside lies near $1.100. The next major support is located near the $1.0650 level or the triangle’s lower trendline.
If there is a downside breakout and a close below the $1.0650 level, the price is likely to continue falling towards the $1.020 support in the near term. The next major support is near the $0.980 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Main support levels – $1.1000 and $1.0000.
The main resistance levels – $1.1680 and $1.2000.
