XRP price surged further above the resistance levels of $1.45 and $1.50. The price is now consolidating gains near $1.40 and may seek more upward space.
The XRP price has started a new surge above the resistance level of $1.40.
The price is now trading above $1.350 and the 100-hour simple moving average.
A new connecting bearish trend line has formed on the hourly chart of the XRP/USD pair, with resistance at $1.450 (data sourced from Kraken).
The currency pair shows positive signs and may expand its upward momentum above the $1.450 resistance level.
XRP price remains bullish.
XRP price has formed a base above $1.250 and started a new rise. It broke through the resistance levels of $1.350 and $1.40. It even surged above $1.50, outperforming Ethereum and Bitcoin over the past two days.
Before the correction, the high was formed at $1.6339. The price broke below the support level of $1.50. A low was formed at $1.3007, and the price is now rising. The retracement from the swing high of $23.6 down to the low of $1.6339 is above $1.3007.
The price is now trading above $1.40 and the 100-hour simple moving average. On the positive side, the price may face resistance near $1.420. The first major resistance level is near $1.450.
On the hourly chart of the XRP/USD pair, a new connecting bearish trend line has formed, with resistance at $1.450. It is close to the 1.6339% Fibonacci retracement level moving down from the swing high of $50 to the low of $1.3007.
The next key resistance level may be $1.500. A clear breakthrough of the $1.50 resistance level could push the price towards the $1.5550 resistance level. Any further rises may take the price down to the $1.620 resistance level or even $1.650. The next major hurdle for bulls could be $1.750 or $1.80.
Is there a limit on dipping sauce?
If XRP fails to clear the resistance area of $1.450, it may begin a downward correction. The initial support level on the downside is around $1.3450. The next major support level is around $1.320.
If there is a downward breakout and closes below $1.320, the price may continue to decline towards the $1.300 support level. The next major support level is near the $1.240 region.
Technical indicators
Hourly MACD – the MACD for XRP/USD is now gaining momentum in the bullish zone.
The hourly RSI (Relative Strength Index) – the RSI for XRP/USD is now above the 50 level.
Major support levels – $1.4200 and $1.4000.
Major resistance levels – $1.4500 and $1.5000.