The XRP value is stabilizing around the $1.450 area. The value is displaying encouraging signs and may soon target a new surge above the $1.50 threshold.
- The XRP value is aiming for a new increase above the $1.465 resistance area.
- It is currently trading above $1.450 and the 100-hourly Simple Moving Average.
- A breakthrough occurred above a significant bearish trend line with resistance at $1.4580 on the hourly chart for the XRP/USD pair (data sourced from Kraken).
- The pair may gain strength if it surpasses the $1.500 resistance.
XRP Value Maintains Gains Above $1.40
The XRP value has remained supported close to the $1.30 area. It established a base and has recently initiated an upward movement similar to Bitcoin and Ethereum. A move above the $1.3550 and $1.3750 resistance levels took place.
A breakout was witnessed above a critical bearish trend line with resistance at $1.4580 on the hourly XRP/USD chart. The pair successfully exceeded the $1.50 threshold. A peak was established at $1.5238 and the price is currently stabilizing near the 23.6% Fib retracement level of the upward shift from the $1.2828 swing low to the $1.5238 peak.
The price is presently trading above $1.45 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance around the $1.500 level. The initial significant resistance is located near the $1.5250 mark.
The upcoming critical resistance might be $1.550. A definitive surge above the $1.550 resistance could propel the price towards the $1.5850 resistance. Further gains may drive the price toward the $1.600 resistance or even $1.620 shortly. The next substantial challenge for the bulls could be around $1.650 or $1.6550.
Another Drop?
Should XRP struggle to breach the $1.500 resistance area, it might trigger a downward correction. Initial support on the downside is located around the $1.4300 level. The next significant support level is close to the $1.40 threshold or the 50% Fib retracement level of the upward move from the $1.2828 swing low to the $1.5238 peak.
If a downside breach and a close below the $1.40 level occur, the price might continue to fall towards the $1.3750 support. The next major support lies near the $1.350 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum within the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is presently above the 50 mark.
Key Support Levels – $1.4300 and $1.4000.
Key Resistance Levels – $1.5000 and $1.5250.
