XRP price started a steady increase above $1.1650. The price is now consolidating gains and might aim for more gains above the $1.20 zone.
- XRP price started a steady increase above the $1.150 zone.
- The price is now trading above $1.160 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $0.140 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.20.
XRP Price Aims for Fresh Increase
XRP price started a fresh upward move above $1.1450 and $1.150, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.1680 resistance.
The bulls even pumped the price toward the $1.1880 zone. A high was formed at $1.1926, and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.0879 swing low to the $1.1926 high.
The price is now trading above $1.180 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $0.140 on the hourly chart of the XRP/USD pair.
If there is a fresh upward move, the price might face resistance near the $1.1920 level. The first major resistance is near the $1.1950 level, above which the price could rise and test $1.20. A clear move above the $1.20 resistance might send the price toward the $1.2150 resistance. Any more gains might send the price toward the $1.2220 resistance. The next major hurdle for the bulls might be near $1.2250.
Downside Correction?
If XRP fails to clear the $1.20 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.1680 level. The next major support is near the $1.1550 level.
If there is a downside break and a close below the $1.1550 level, the price might continue to decline toward $1.1400, the trend line, and the 50% Fib retracement level of the upward move from the $1.0879 swing low to the $1.1926 high. The next major support sits near the $1.1280 zone, below which the price could continue lower toward $1.1120. The main support could be $1.080.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.1680 and $1.1400.
Major Resistance Levels – $1.1920 and $1.2000.
