XRP Price Consolidates Gains Near $1.450 with Resistance at $1.50
XRP price is consolidating gains near $1.450. A clear break above the $1.50 resistance zone is necessary for a potential increase.
- XRP price is attempting an increase from the $1.300 level.
- The price is trading around $1.450 and the 100-hourly Simple Moving Average.
- A key contracting triangle is forming with resistance at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair shows positive signs and may aim for a move above the $1.50 resistance.
XRP Price Holds Gains
XRP formed a base above $1.30, moving past the $1.350 and $1.42 resistance levels, even surpassing $1.45. It outperformed Ethereum and Bitcoin in recent sessions.
The price exceeded the 61.8% Fib retracement level of the downward move from $1.6340 to $1.3007. However, selling pressure has emerged near the $1.50 resistance. A contracting triangle is also apparent, with resistance at this level.
Currently, XRP trades near $1.45 and the 100-hourly Simple Moving Average. Resistance may be encountered near $1.4680, while the main resistance remains at $1.50.
The next significant resistance could be $1.550 or the 76.4% Fib retracement level from $1.6340 to $1.3007. A movement above $1.550 may push the price toward $1.6350, with further gains potentially leading to $1.680 or $1.6850. The next major hurdles for bulls are $1.720 and $1.750.
Are Dips Supported?
If XRP does not overcome the $1.50 resistance, a downside correction could occur. Initial support is near $1.400 and the triangle’s lower trend line, with major support at $1.380.
A close below $1.380 may result in a decline toward $1.3200, with further support at $1.2650.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for XRP/USD is above the 50 mark.
Major Support Levels: $1.4000 and $1.3800.
Major Resistance Levels: $1.5000 and $1.5500.