XRP price further climbed above the $1.45 and $1.50 resistance levels. The price is now consolidating its gains near $1.40 and could aim for more upside.
- XRP price started a fresh rise above the $1.40 resistance level.
- The price is now trading above $1,350 and the 100 hourly simple moving average.
- A new downtrend line forms with resistance at $1,450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and could extend its rally above the $1,450 resistance.
XRP Price Holds Its Gains
XRP price formed a base above $1,250 and began a further increase. There was a move above the $1.350 and $1.40 resistance levels. It even surpassed the $1.50 level, beating Ethereum and Bitcoin over the past two days.
A high was formed at $1.6339 before there was a pullback. The price fell below the $1.50 support level. A low formed at $1.3007 and the price is now rising. There was a move above the 23.6% Fibonacci retracement level of the downside move from the $1.6339 high to $1.3007 low.
The price is now trading above $1.40 and the 100 hourly simple moving average. On the upside, the price may encounter resistance near the $1.420 level. The first major resistance is near the $1,450 level.
There is also a new downtrend line forming with resistance at $1,450 on the hourly chart of the XRP/USD pair. It is near the 50% Fibonacci retracement level of the downward move from the $1.6339 high to $1.3007 low.
The next key resistance could be $1,500. A sharp move above the $1.50 resistance could send the price towards the $1.5550 resistance. Any further gains could send the price towards the resistance of $1,620 or even $1,650 in the near term. The next major hurdle for the bulls could be $1.750 or $1.80.
Are dips limited?
If XRP fails to breach the $1,450 resistance zone, it could begin a downward correction. Initial support on the downside is near the $1.3450 level. The next major support is near the $1.320 level.
If there is a downside breakout and close below the $1,320 level, the price could continue to decline towards the $1,300 support. The next major support lies near the $1.240 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $1.4200 and $1.4000.
Major resistance levels – $1.4500 and $1.5000.
