NewsBTC
22 November 2024
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XRP Price Surges Over 25% Above Key Resistance Levels

XRP price has increased above the $1.15 and $1.20 resistance levels, rising over 25% and potentially moving past the $1.420 resistance.

  • XRP initiated a surge above the $1.20 resistance level.
  • The price is currently trading above $1.250 and the 100-hourly Simple Moving Average.
  • A key bearish trend line with resistance at $1.1400 was broken on the hourly chart for the XRP/USD pair (data from Kraken).
  • The XRP/USD pair is up over 25%, indicating continued bullish activity.

XRP Price Eyes Steady Increase

XRP formed a base above $1.050 before increasing, surpassing the $1.150 and $1.20 resistance levels. It also exceeded the $1.25 mark, outperforming Ethereum and Bitcoin recently.

A significant break occurred above a bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A peak was reached at $1.4161, and the price is now consolidating gains, trading above the 23.6% Fib retracement level from the $1.0649 swing low to the $1.4161 high.

Currently, the price trades above $1.30 and the 100-hourly Simple Moving Average, with potential resistance near the $1.400 level. The primary resistance lies around $1.420, followed by $1.450.

XRP Price

A clear breach above $1.450 could propel the price toward $1.50, with further gains potentially reaching $1.550 or $1.620. Major hurdles for bulls may be $1.750 or $1.80.

Are Dips Supported?

If XRP does not surpass the $1.420 resistance zone, it may initiate a downside correction. Initial support is near $1.3350, with significant support around $1.2850.

A decline below $1.2850 could lead to further drops toward $1.240 or the 50% Fib retracement level from the upward move between $1.0649 and $1.4161. The next major support level is near the $1.20 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Major Support Levels – $1.3350 and $1.2850.

Major Resistance Levels – $1.4000 and $1.4200.