XRP price is consolidating near the $1.400 zone. The price must clear the $1.4550 resistance zone to start a fresh increase in the near term.
XRP price is struggling to gain pace for a move above the $1.50 level.
The price is now trading below $1.450 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $1.4550 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might gain traction if it clears the $1.4550 resistance.
XRP Price Stuck Below $1.50
XRP price struggled to gain pace for a move above the $1.50 level. It dipped again and even spiked below the $1.30 level. A low was formed at $1.2828 and the price is now recovering losses unlike Bitcoin and like Ethereum.
There was a move above the $1.3250 and $1.340 resistance levels. The price tested the 50% Fib retracement level of the downward move from the $1.5389 swing high to the $1.2828 low. However, the bears seem to be active near the $1.420 resistance zone.
The price is now trading below $1.45 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.420 level. The first major resistance is near the $1.450 level or the 61.8% Fib retracement level of the downward move from the $1.5389 swing high to the $1.2828 low.
There is also a key bearish trend line forming with resistance at $1.4550 on the hourly chart of the XRP/USD pair. The next key resistance could be $1.50.
A clear move above the $1.50 resistance might send the price toward the $1.550 resistance. Any more gains might send the price toward the $1.600 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.650 or $1.6550.
Another Drop?
If XRP fails to clear the $1.4550 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3200 level. The next major support is near the $1.30 level.
If there is a downside break and a close below the $1.30 level, the price might continue to decline toward the $1.2800 support. The next major support sits near the $1.2650 zone.
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 – $1.3200 and $1.3000.
Major Resistance Levels – $1.4200 and $1.4550.
Source: NewsBTC.com
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