$XRP price started a recovery wave above $1.40 and $1.4050. The price is now consolidating and might aim for a fresh move above $1.420.
- $XRP price started a recovery wave above the $1.40 zone.
- The price is now trading above $1.40 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trend line with resistance at $1.380 on the hourly chart of the $XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.420.
$XRP Price Aims Steady Gains
$XRP price remained supported above $1.3680 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.3950 and $1.40 to enter a short-term positive zone.
There was also a move above the 50% Fib retracement level of the downward move from the $1.4423 swing high to the $1.3668 low. Besides, there was a break above a bearish trend line with resistance at $1.380 on the hourly chart of the $XRP/USD pair.
The bulls even pushed the price above $1.4050 but they struggled near $1.4140. 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 $1.4140 level or the 61.8% Fib retracement level of the downward move from the $1.4423 swing high to the $1.3668 low.
The first major resistance is near the $1.420 level. A close above $1.420 could send the price to $1.4295. The next hurdle sits at $1.4420. A clear move above the $1.4420 resistance might send the price toward the $1.4650 resistance. Any more gains might send the price toward the $1.50 resistance.
Another Drop？
If $XRP fails to clear the $1.420 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3920 level and the same trend line. The next major support is near the $1.3840 level.
If there is a downside break and a close below the $1.3840 level, the price might continue to decline toward $1.3680. The next major support sits near the $1.350 zone, below which the price could continue lower toward $1.3120.
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 – $1.3920 and $1.3840.
Major Resistance Levels – $1.4200 and $1.4295.