XRP price started a recovery wave above $1.3120 and $1.320. The price is now consolidating and might aim for a fresh move above $1.360.
- XRP price started a recovery wave above the $1.320 zone.
- The price is now trading above $1.3350 and the 100-hourly Simple Moving Average.
- There is a contracting triangle forming with resistance at $1.3470 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.380.
XRP Price Aims Steady Gains
XRP price remained supported above $1.290 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.3120 and $1.320 to enter a short-term positive zone.
There was also a move above the 23.6% Fib retracement level of the downward move from the $1.4650 swing high to the $1.2836 swing low. The bulls even pushed the price above $1.340 but they struggled near $1.3780. The price is now trading above $1.3350 and the 100-hourly Simple Moving Average.
If there is a fresh upward move, the price might face resistance near the $1.3480 level. There is also a contracting triangle forming with resistance at $1.3470 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $1.380 level or the 50% Fib retracement level of the downward move from the $1.4650 swing high to the $1.2836 swing low. Â A close above $1.380 could send the price to $1.40. The next hurdle sits at $1.4120. A clear move above the $1.4120 resistance might send the price toward the $1.4250 resistance. Any more gains might send the price toward the $1.4450 resistance.
Another Drop?
If XRP fails to clear the $1.380 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3150 level. The next major support is near the $1.30 level.
If there is a downside break and a close below the $1.30 level, the price might continue to decline toward $1.2880. The next major support sits near the $1.2680 zone, below which the price could continue lower toward $1.2320.
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 – $1.3160 and $1.3000.
Major Resistance Levels – $1.3800 and $1.4120.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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