XRP price is rising and accelerating above the $1,480 area. The price is showing positive signs and may soon target a breakout of the $1.60 level.
- XRP price is eyeing a fresh increase above the $1.5850 resistance area.
- The price is now trading above the $1,520 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may gain momentum if it crosses the $1,600 resistance level.
XRP price starts a new increase above $1.50
XRP price remained supported near the $1,400 area. It has formed a base and recently started an upward movement like Bitcoin and like Ethereum. There was a move above the $1.420 and $1.4350 resistance levels.
There was a break above the major downtrend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair. This pair managed to cross the $1.50 level. There was a clear move above the 61.8% Fib retracement level of the downward move from the high of $1.6339 to the low of $1.2594.
The price is now trading above the $1.50 level and the 100 hourly simple moving average. It is also above the 76.4% Fibonacci retracement level of the downward move from the high of $1.6339 to the low of $1.2594.
On the upside, the price may face resistance near the $1.5850 level. The first major resistance is near the $1,600 level. The next major resistance could be $1.6350. A clear move above the $1.6350 resistance level could send the price towards the $1.6650 resistance level. Any further gains may push the price towards the $1.680 resistance level or even $1.6920 in the near term. The next major hurdle for the bulls could be $1.70.
Another withdrawal?
If XRP fails to cross the $1,600 resistance area, it could start a downward correction. 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 downside breakout and close below $1.480, the price may continue to fall towards the $1.4550 support level. The next major support is near the $1,400 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $1.5000 and $1.4800.
Key resistance levels – $1.6000 and $1.6350.
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