XRP Price Retains Strength: Is a New Upside Push Imminent?
XRP price is consolidating near the $1.450 area. The price is showing positive signs and may break above the $1.50 level soon.
- XRP price is expected to break above the $1.465 resistance zone.
- The price is currently above $1.450 and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair (data source: Kraken).
- The pair may gain momentum if it breaks the $1.500 resistance.
XRP price remains above $1.40
XRP price holds support near the $1.30 area. It formed a bottom and recently started moving upward, e.g. Bitcoin and like Ethereum. There was a break above the $1.3550 and $1.3750 resistance levels.
There was a break above a key bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair. The pair broke above the $1.50 level. A high was formed at $1.5238, and the price is currently consolidating around the 23.6% Fib retracement level of the uptrend from the $1.2828 low to $1.5238 high.
The price is currently above $1.45 and the 100 hourly simple moving average. On the upside, the price may face resistance near $1.500. The first major resistance level is near $1.5250.
The next key resistance level is likely to be $1.550. A clear break above the $1.550 resistance may push the price towards the $1.5850 resistance. If there is further upside, the price may move towards the $1.600 resistance or even $1.620 in the short term. The next major obstacle for the bulls is likely to be $1.650 or $1.6550.
Another recession?
If XRP fails to break above the $1.500 resistance zone, it may start a downward correction. Initial support on the downside is located near $1.4300. The next major support is near $1.40, the 50% Fib retracement level of the upward move from the $1.2828 swing low to $1.5238 high.
If there is a downside breakout and a close below the $1.40 level, the price may continue its decline towards the $1.3750 support. The next major support is near the $1.350 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $1.4300 and $1.4000.
The main resistance levels – $1.5000 and $1.5250.
