XRP Price Builds a Base: Can Bulls Ignite a New Rally?
XRP price surged further above the $1.45 and $1.50 resistance levels. The price is currently consolidating gains near $1.40 and may seek more upside.
- XRP price started a fresh surge above the $1.40 resistance.
- The price is currently above $1.350 and the 100 hourly simple moving average.
- There is a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- The pair is showing positive signs and may extend its gains above the $1.450 resistance.
XRP price keeps rising
XRP price formed a base above $1.250 and started a fresh rise. There was a break above the $1.350 and $1.40 resistance levels. It even broke above the $1.50 level, beating Ethereum and Bitcoin in the past two days.
A high of $1.6339 was formed before the pullback. The price fell below the $1.50 support. A low was formed at $1.3007 and the price is currently rising. The price broke above the 23.6% Fib retracement level of the downward move from the swing high of $1.6339 to low of $1.3007.
The price is currently above $1.40 and the 100 hourly simple moving average. On the upside, the price may face resistance near $1.420. The first major resistance level is near $1.450.
There is also a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the swing high of $1.6339 to low of $1.3007.
The next key resistance level is likely to be $1.500. A clear break above the $1.50 resistance could push the price towards the $1.5550 resistance. Any further gains could push the price towards the $1.620 resistance or even $1.650 in the short term. The next major obstacle for the bulls is likely to be $1.750 or $1.80.
Is the decline limited?
If XRP fails to break above the $1.450 resistance zone, it may start a downside correction. Initial support on the downside is located near $1.3450. The next major support is near $1.320.
If there is a downside breakout and a close below the $1.320 level, the price may continue its decline towards the $1.300 support. The next major support is near the $1.240 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 – $1.4200 and $1.4000.
The main resistance levels – $1.4500 and $1.5000.
