XRP Price Consolidates Above $1.00, Eyes Resistance at $1.150
XRP price is consolidating above the $1.00 zone. A fresh increase may occur if it surpasses the $1.150 resistance.
- XRP price began a downside correction below $1.120.
- The price trades below $1.120 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data from Kraken).
- Potential bullish momentum could develop if the price clears the $1.150 resistance.
XRP Price Holds Support
XRP struggled to initiate a fresh increase above $1.150 and $1.180, leading to a downside correction below $1.120. It underperformed compared to Bitcoin and faced challenges like Ethereum in recent sessions.
The current trading position is below $1.120 and the 100-hourly Simple Moving Average. Resistance is anticipated around $1.1380 due to the contracting triangle formation.
The first major resistance level is near $1.150, followed by potential resistance at $1.1680 or the 61.8% Fib retracement level from the $1.2747 swing high to the $0.9988 low.
A clear move above $1.1680 could push the price toward $1.200 or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Further gains might reach $1.2250 or $1.2320, with significant hurdles at $1.250 or $1.265.
More Downsides?
If XRP cannot break through the $1.1380 resistance, it may continue its decline. Initial support is near $1.100, with the next major support around $1.0650 or the triangle’s lower trend line.
A downside break and close beneath $1.0650 could lead to a decline toward $1.020, with further support located near the $0.980 zone.
Technical Indicators:
- Hourly MACD: Losing pace in the bearish zone.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $1.1000 and $1.0000.
- Major Resistance Levels: $1.1680 and $1.2000.