The price of XRP rose more than 25% and exceeded the $1.00 support zone. The price may accelerate if it breaks through the $1.1380 resistance zone.
- The price of XRP began a strong rise above the resistance at $0.880.
- The price is currently trading above $1.00 and the 100-hour simple moving average.
- On the hourly chart, XRP/USD broke above the bearish trend connector with resistance at $1,050 (data source from Kraken).
- The pair could start a new rise if it remains above the $1.00 support zone.
XRP price increased by more than 50%
The XRP price remained above the $0.700 level. It formed a base and began a strong rise above $0.8800. It outperformed Bitcoin and Ethereum and rose more than 50%.
The price even climbed above the $1.00 level before the bears showed up. A high was formed at $1.2747 before the pullback occurred. The price dropped below $1,150 and tested $1,100. It tested the $1.00 support. The minimum was formed at $0.9988, and now the price is rising.
There was a move above the resistance at $1.050. In addition, on the hourly chart of the XRP/USD pair, there was a breakout of the bearish trend connecting line with resistance at $1,050.
The price is currently trading above $1,050 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $1.1380 level. It is close to the 50% Fibonacci retracement level of the downward move from the $1.2747 swing high to $0.9988 swing low.
The first major resistance is near the $1.200 level and the 76.4% Fibonacci retracement level of the downward move from the $1.2747 swing high to $0.9988 low.
The next key resistance could be $1,250. A clear move above the $1,250 resistance could send the price towards the $1,320 resistance. Further gains could take the price towards the $1.3850 resistance or even $1.40 in the near future. The next big hurdle could be $1.50.
Are failures limited?
If XRP fails to break through the $1.1380 resistance zone, it could begin a downward correction. Initial downside support lies near the $1,050 level. The next major support is near the $1.00 level.
If there is a downside breakout and close below the $1.00 level, the price could continue to decline towards the $0.9320 support in the near term. The next major support is near the $0.880 zone.
Technical indicators
Hourly MACD. The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
The main support levels are $1.0500 and $1.0000.
The main resistance levels are $1.1380 and $1.2000.
