XRP price is consolidating above the $1,050 support zone. The price may soon target further growth above the $1,180 resistance zone.
- The price of XRP began a new rise above the resistance at $1,080.
- The price is currently trading above $1.0850 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, a key bullish trend line is forming with support at $1,100 (data source from Kraken).
- The pair could soon gain bullish momentum if it remains above the $1.00 support zone.
XRP price tends to rise
The XRP price has formed a base above the $1.00 level and has recently started rising again. It outperformed Bitcoin and Ethereum, surpassing the $1,050 and $1,080 resistance levels.
The price rose above the 50% Fibonacci retracement level on a downward move from the $1.2745 swing high to $0.9988 low. The bulls even pushed the price above the $1,150 resistance level before the bears emerged. The price appears to have hit resistance near $1,170.
The 61.8% Fibonacci retracement level of the downward move from the $1.2745 swing high to $0.9988 low is acting as a hurdle. However, on the hourly chart of the XRP/USD pair, a key bullish trend line is forming with support at $1,100.
The price is currently trading above $1,080 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $1.1680 level. The first major resistance is near the $1,200 level.
The next key resistance could be $1.2740. A clear move above the $1.2740 resistance could send the price towards the $1.3220 resistance. Further growth could take the price towards the resistance at $1.3500 or even $1.3620 in the near future. The next major hurdle could be $1,450.
Are dips supported?
If XRP fails to break through the $1.1680 resistance zone, it could begin a downward correction. Initial support for the decline is near the $1,100 level and trend line. The next major support is near the $1,060 level.
If there is a downside breakout and close below the $1,060 level, the price could continue to decline towards the $1,000 support in the near future. The next major support is near the $0.980 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 $1.1000 and $1.0600.
The main resistance levels are $1.1700 and $1.2000.
