Breaking through key resistance, initial gains are consolidating
XRP price successfully crossed the major resistance levels of $1.45 and $1.50. Currently, its price is consolidating around $1.40, which reflects the previous gains and releases further positive signals for an upward move.
Multiple indicators suggest upward potential
XRP price strongly broke through the resistance of $1.40 and stabilized above $1.350 and the 100-hour simple moving average. However, a new connecting bearish trend line has emerged on the hourly chart for the XRP/USD currency pair, with resistance at $1.450 (data sourced from Kraken). Nevertheless, the currency pair shows an overall positive trend and is expected to continue the upward momentum, breaking above the resistance area of $1.450.
Price retracement and Fibonacci retracement
XRP price stabilized above $1.250 and started a new upward journey, successfully breaking through key points like $1.350, $1.40, and $1.50, even surpassing the gains of Ethereum and Bitcoin over the past two days. Before the retracement, the price fell below the support level of $1.50 after reaching a high of $1.6339, dropping to a low of $1.3007 before rising again. Currently, the price has broken through the 23.6% Fibonacci retracement level of the downward trend from the high of $1.6339 to the low of $1.3007 and is trading above $1.40 and the 100-hour simple moving average. On the upward path, around $1.420 may constitute initial resistance, with the first key resistance level located around $1.450. Additionally, the connecting bearish trend line on the hourly chart of XRP/USD has resistance at $1.450, close to the 50% Fibonacci retracement level of the aforementioned downward trend. Subsequent key resistance levels are $1.500 and $1.5550; if the upward trend continues, it is expected to reach $1.620 or even $1.650 in the short term, while the main obstacles for bulls may be at $1.750 or $1.80.
Analysis of downward risks and support levels
If XRP fails to break through the resistance area of $1.450, it may initiate a downward correction. In the initial downward phase, support will be provided near $1.3450, with the next major support level around $1.320. If a downward breakout occurs and the closing price is below $1.320, the price may continue to slide to the support level of $1.300, and further down the main support level will be near $1.240.
Technical indicators assist in judgment
From a technical perspective, the hourly MACD indicator shows that XRP/USD is in a bullish zone and accelerating; the hourly RSI (Relative Strength Index) indicates that XRP/USD is above the 50 level. Overall, the main support levels are at $1.4200 and $1.4000, while the main resistance levels are at $1.4500 and $1.5000. These indicators and price levels will jointly influence the future price trend of XRP.
The information provided in this article is for reference only and does not constitute any type of advice.
