XRP Price Consolidates Gains Above $1.050, Targets $1.180 Resistance
XRP price is consolidating gains above the $1.050 support zone, with potential for increases above the $1.180 resistance zone.
- XRP price initiated an increase above the $1.080 resistance.
- The price is currently trading above $1.0850 and the 100-hourly Simple Moving Average.
- A key bullish trend line is forming with support at $1.100 on the hourly chart of the XRP/USD pair (data from Kraken).
- The pair may gain bullish momentum if it remains above the $1.00 support zone.
XRP Price Aims Higher
XRP price established a base above $1.00 and has begun a fresh increase, outperforming Bitcoin and Ethereum by moving above the $1.050 and $1.080 resistance levels.
The price surpassed the 50% Fibonacci retracement level from the $1.2745 swing high to the $0.9988 low. The bulls pushed the price above $1.150, but resistance appeared near $1.170.
The 61.8% Fibonacci retracement level acts as a hurdle, yet there is a bullish trend line with support at $1.100 on the hourly chart.
The price is trading above $1.080 and the 100-hourly Simple Moving Average. Resistance could be encountered near $1.1680, with the first major resistance at $1.200.
The next significant resistance might be at $1.2740. A clear move past this level could lead to the $1.3220 resistance and further gains toward $1.3500 or $1.3620 in the near term. The next major hurdle may be $1.450.
Are Dips Supported?
If XRP does not break through the $1.1680 resistance zone, a downside correction could occur. Initial support is near $1.100 and the trend line, with major support at $1.060.
A decline below $1.060 could lead to further drops towards the $1.000 support, with additional support around the $0.980 zone.
Technical Indicators
- Hourly MACD – Gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – Above the 50 level.
- Major Support Levels – $1.1000 and $1.0600.
- Major Resistance Levels – $1.1700 and $1.2000.