XRP price is above the $1.480 zone and gaining momentum. The price is showing positive signs and may aim for a breakout above the $1.60 level soon.
- XRP price is eyeing a recent rally above the $1.5850 resistance zone.
- The price is now trading above $1.520 and the 100-hour simple moving average.
- There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair can gain momentum if it clears the $1.600 resistance.
XRP price starts fresh rally above $1.50
XRP price remained supported near the $1.400 zone. It has formed a base and recently started an upward trend Bitcoin And the likes ethereum. There was a move 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 was able to clear the $1.50 level. There was a clear move above the 61.8% Fib retracement level of the downward move from the $1.6339 swing high to the $1.2594 low.
The price is now trading above $1.50 and the 100-hour simple moving average. It is also above the 76.4% Fib retracement level of the downside move from the $1.6339 swing high to the $1.2594 low.
On the upside, the price may face resistance near the $1.5850 level. The first major resistance is near the $1.600 level. The next major resistance could be $1.6350. A clear move above the $1.6350 resistance could send the price towards the $1.6650 resistance. Any further gains could send the price into the $1.680 resistance or near term $1.6920. The next major hurdle for the bulls could be $1.70.
Another pullback?
If XRP fails to clear the $1,600 resistance zone, it may initiate a downside correction. Initial support on the downside is near the $1.500 level. The next major support is near the $1.480 level.
If there is a downside break and a close below the $1.480 level, the price may decline towards the $1.4550 support. The next major support sits near the $1.400 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $1.5000 and $1.4800.
Key resistance levels – $1.6000 and $1.6350.
