XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
XRP price rose above the $1.15 and $1.20 resistance levels. The price is up over 25% and may rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance.
- The price is currently above $1.250 and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source: Kraken).
- The pair has gained over 25% and it looks like the bulls are not done yet.
XRP price rises steadily
XRP price formed a base above $1.050 and started a fresh rise. There was a break above the $1.150 and $1.20 resistance levels. It even broke above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to $1.4161 high.
The price is currently above $1.30 and the 100 hourly simple moving average. On the upside, the price may face resistance near $1.400. The first major resistance level is near $1.420. The next key resistance level is likely to be $1.450.
A clear break above the $1.450 resistance could push the price towards the $1.50 resistance. Any further gains could see the price move towards the $1.550 resistance or even $1.620 in the short term. The next major obstacle for the bulls is likely to be $1.750 or $1.80.
Do you support the decline?
If XRP fails to break above the $1.420 resistance zone, it may start a downside correction. Initial support on the downside is located near $1.3350. The next major support is near $1.2850.
In case of a downside breakout and a close below $1.2850, the price could continue declining towards the $1.240 support or the 50% Fibonacci retracement level of the upward move from the $1.0649 swing low to $1.4161 high in the near term. The next major support is near the $1.20 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $1.3350 and $1.2850.
The main resistance levels – $1.4000 and $1.4200.
