XRP price started a recovery wave above $1.3380 and $1.340. The price is now consolidating and might aim for a fresh move above $1.3550.
- XRP price started a recovery wave above the $1.340 zone.
- The price is now trading above $1.3380 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $1.3550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.360.
XRP Price Holds Support
XRP price remained supported above $1.3220 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.3350 and $1.340 to enter a short-term positive zone.
There was also a move above the 38.2% Fib retracement level of the downward move from the $1.3963 swing high to the $1.3222 swing low. However, the bears are active near the $1.350 zone. There is also a key bearish trend line forming with resistance at $1.3550 on the hourly chart of the XRP/USD pair.
The price is now trading above $1.340 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3550 level and the trend line.
The first major resistance is near the $1.360 level. Â A close above $1.360 could send the price to $1.3680 or the 61.8% Fib retracement level of the downward move from the $1.3963 swing high to the $1.3222 swing low. The next hurdle sits at $1.380. A clear move above the $1.380 resistance might send the price toward the $1.3880 resistance. Any more gains might send the price toward the $1.40 resistance.
Another Drop?
If XRP fails to clear the $1.3550 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3380 level. The next major support is near the $1.3220 level.
If there is a downside break and a close below the $1.3220 level, the price might continue to decline toward $1.3120. The next major support sits near the $1.280 zone, below which the price could continue lower toward $1.2650.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.3380 and $1.3220.
Major Resistance Levels – $1.3550 and $1.3680.
