XRP Price Sets Course for Upward Momentum If It Overcomes Key Resistance
With support at the $0.4250 level, XRP price is showing promising signs for a bullish path. If it manages to surpass the resistance levels at $0.4450 and $0.450, the price could gain strong upward momentum.
- XRP price is currently attempting to recover above $0.4250.
- It is trading above the $0.4320 level and the 100-hourly Simple Moving Average.
- A rising channel is forming, indicating strong support at $0.4350 on the XRP/USD hourly chart (data source from Kraken).
- If the pair clears the $0.4450 and $0.450 resistance levels, it can expect a bullish surge.
XRP Price Aims for Breakout
Following the footsteps of Bitcoin and Ethereum, XRP price has remained steadily positive above $0.4150. It has shown consistent recovery, surpassing the resistance levels of $0.4250 and $0.4320.
Although it hasn’t quite broken the $0.4450 resistance zone yet, it did manage to reach a high of $0.4430. Currently, it is consolidating gains and trading above the 23.6% Fib retracement level of the upward movement from the low of $0.4204 to the high of $0.4430.
Furthermore, the price is comfortably above $0.4320 and the 100-hourly Simple Moving Average. A key rising channel is also forming with solid support at $0.4350 on the hourly chart of the XRP/USD pair.
On the upside, the immediate resistance lies near $0.4450, followed by a major resistance at $0.4500. If the price manages to clear that, the next significant resistance level will be around $0.4550. Breaking above $0.4550 could propel the price towards the $0.4680 resistance, with the subsequent major hurdle at the $0.4720 level. Further gains might even push the price towards the $0.480 resistance.
Possible Reverse in Momentum?
If XRP fails to breach the resistance zone at $0.4450, it could face a possible decline. Initial support can be found near the $0.4350 level and the trend line of the channel.
The next essential support awaits at $0.4310, which is also the 50% Fib retracement level from the low of $0.4204 to the high of $0.4430. Should the price experience a downside break and close below $0.4310, it might further decline towards the $0.420 support level in the short term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is showing signs of gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Levels – $0.4310 and $0.4200.
Major Resistance Levels – $0.4450 and $0.4500.