XRP price is consolidating around the $1,400 zone. The price must break through the $1.4550 resistance zone to begin a new rise in the near future.
- The XRP price is struggling to gain momentum to rise above the $1.50 level.
- The price is currently trading below $1,450 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, a key bearish trend line is forming with resistance at $1.4550 (data source from Kraken).
- The pair could gain momentum if it breaks through the $1.4550 resistance.
XRP price stuck below $1.50
The XRP price struggled to gain momentum to rise above the $1.50 level. It fell again and even jumped below the $1.30 level. The low was formed at $1.2828, and now the price is recovering losses, unlike Bitcoin and Ethereum.
There was a movement above the resistance levels of $1.3250 and $1.340. The price tested the 50% Fibonacci retracement level on the downward move from the swing high of $1.5389 to the low of $1.2828. However, bears appear to be active near the $1,420 resistance zone.
The price is currently trading below $1.45 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $1,420 level. The first major resistance is near the $1.450 level or the 61.8% Fibonacci retracement level of the downward move from the $1.5389 swing high to $1.2828 low.
On the hourly chart of the XRP/USD pair, a key bearish trend line is also forming with resistance at $1.4550. The next key resistance could be $1.50.
A clear move above the $1.50 resistance could send the price towards the $1.550 resistance. Any further rise could take the price towards the $1,600 resistance or even $1,620 in the near future. The next major hurdle for the bulls could be $1.650 or $1.6550.
One more drop?
If XRP fails to break through the $1.4550 resistance zone, it could begin a downward correction. Initial downside support is near the $1.3200 level. The next major support is near the $1.30 level.
If there is a downside breakout and close below $1.30, the price may continue to decline towards support at $1.2800. The next major support is near the $1.2650 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
The main support levels are $1.3200 and $1.3000.
The main resistance levels are $1.4200 and $1.4550.
