XRP Price Targets $1.60 Breakout: Is The Bull Run Back?
XRP price is rising and accelerating above the $1.480 area. The price is showing positive signs and may break above the $1.60 level soon.
- XRP price is expected to break above the $1.5850 resistance zone.
- The price is currently above $1.520 and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source: Kraken).
- The pair may gain momentum if it breaks the $1.600 resistance.
XRP Price Begins New Rise Above $1.50
XRP price remains supported near the $1.400 area. It formed a bottom and recently started moving upward, e.g. Bitcoin and like Ethereum. There was a break above the $1.420 and $1.4350 resistance levels.
There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair. The pair broke above the $1.50 level. The downtrend from the swing high of $1.6339 to low of $1.2594 is significantly above the 61.8% Fib retracement level.
The price is currently 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 swing high of $1.6339 to low of $1.2594.
On the upside, the price may face resistance near $1.5850. The first major resistance level is near $1.600. The next key resistance level is likely to be $1.6350. A clear break above the $1.6350 resistance may push the price towards the $1.6650 resistance. Any further gains could push the price towards the $1.680 resistance or even $1.6920 in the short term. The next major obstacle for the bulls is likely to be $1.70.
Another pullback?
If XRP fails to break above the $1.600 resistance zone, it may start a downward correction. Initial support on the downside lies near $1.500. The next major support is near $1.480.
If there is a downside breakout and a close below the $1.480 level, the price may continue declining towards the $1.4550 support. The next major support is near the $1.400 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $1.5000 and $1.4800.
The main resistance levels – $1.6000 and $1.6350.
