XRP price is rising and accelerating above the $1.480 zone. The price is showing positive signs and could soon aim for a breakout target above the $1.60 level.
XRP price is aiming for a fresh increase above the $1.5850 resistance zone.
The price is currently trading above the $1,520 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain momentum if it clears the $1,600 resistance level.
XRP Price Starts Fresh Surge Above $1.50
XRP price remains supported near the $1,400 area. It has formed a base and recently started an upward move similar to Bitcoin and Ethereum. There was a move above the $1,420 and $1,4350 resistance levels.
There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair. The pair was able to break above the $1.50 level. There was a clear move above the 61.8% Fib retracement level of the downward move from the $1.6339 high to $1.2594 low.
The price is currently trading above $1.50 and the 100 hourly simple moving average. The price is also above the 76.4% Fib retracement level of the downward move from the $1.6339 high to $1.2594 low.
On the upside, the price may face resistance near $1.5850. The first major resistance is near $1.600. The next major resistance could be at $1.6350. A clear move above the $1.6350 resistance could take the price towards the $1.6650 resistance. Any further gains could take the price towards the $1.680 resistance or even $1.6920 in the near term. The next major resistance for the bulls could be at $1.70.
Another pullback?
If XRP fails to clear the $1,600 resistance zone, it could start a downside correction. The initial support on the downside is near the $1,500 level. The next major support is near the $1,480 level.
If there is a break below the $1,480 downtrend and close, the price could continue to decline towards the $1,4550 support. The next major support level is near the $1,400 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $1.5000 and $1.4800.
Major resistance levels – $1.6000 and $1.6350.