XRP price started a recovery wave above $1.50 but failed near $1.9250. The price is now consolidating and might aim for a fresh move above $1.50.
XRP price started a recovery wave above the $1.420 zone.
The price is now trading above $1.40 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $1.4550 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move up if it settles above $1.50.
XRP Price Faces Key Hurdle
XRP price remained supported above $1.20 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.250 and $1.320 to enter a short-term positive zone.
There was also a move above the 50% Fib retracement level of the downward move from the $1.6320 swing high to the $1.1356 low. The bulls even pushed the price above $1.45 but they struggled to keep the price above $1.50. Besides, there is a bearish trend line forming with resistance at $1.4550 on the hourly chart of the XRP/USD pair.
The price is now trading above $1.40 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.4550 level. The first major resistance is near the $1.4660 level. A close above $1.4660 could send the price to $1.50.
The next hurdle sits at $1.5150 or the 76.4% Fib retracement level of the downward move from the $1.6320 swing high to the $1.1356 low. A clear move above the $1.5150 resistance might send the price toward the $1.620 resistance. Any more gains might send the price toward the $1.650 resistance.
Another Drop?
If XRP fails to clear the $1.50 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.40 level. The next major support is near the $1.3850 level.
If there is a downside break and a close below the $1.3850 level, the price might continue to decline toward $1.330. The next major support sits near the $1.320 zone, below which the price could continue lower toward $1.250.
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 – $1.40 and $1.3850.
Major Resistance Levels – $1.50 and $1.5150.
