The XRP value is increasing and accelerating above the $1.480 threshold. The value is exhibiting optimistic indicators and may soon target a breakout beyond the $1.60 mark.
- The XRP value is aiming for a fresh rise above the $1.5850 resistance area.
- The value is currently trading above $1.520 and surpassing the 100-hourly Simple Moving Average.
- A breakthrough occurred above a crucial bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain traction if it surpasses the $1.600 resistance.
XRP Value Commences Fresh Climb Above $1.50
The XRP value sustained support around the $1.400 region. It established a foundation and recently initiated an upward movement similar to Bitcoin and comparable to Ethereum. There was an ascent above the $1.420 and $1.4350 resistance thresholds.
A breach occurred above a significant bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pairing. The pair successfully overcame the $1.50 level. A distinct movement occurred above the 61.8% Fibonacci retracement level of the downward shift from the $1.6339 swing peak to the $1.2594 trough.
The value is currently trading above $1.50 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fibonacci retracement level of the downward shift from the $1.6339 swing peak to the $1.2594 trough.
On the upside, the value may encounter resistance around the $1.5850 threshold. The first significant resistance lies near the $1.600 level. The subsequent crucial resistance might be $1.6350. A clear advance above the $1.6350 resistance could propel the value toward the $1.6650 resistance. Any additional increases could push the value toward the $1.680 resistance or even $1.6920 shortly. The next major obstacle for the bulls may be $1.70.
Another Retracement?
If XRP does not manage to surpass the $1.600 resistance zone, it might initiate a downward correction. Initial support on the downside is near the $1.500 level. The next significant support is around the $1.480 level.
Should there be a downward breach and a closure below the $1.480 threshold, the value might continue to slide toward the $1.4550 support. The next significant support is around the $1.400 region.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is presently above the 50 level.
Major Support Levels – $1.5000 and $1.4800.
Major Resistance Levels – $1.6000 and $1.6350.