XRP price is up over 25% and moving higher above the $1.00 support zone. The price could accelerate higher if it clears the $1.1380 resistance zone.
- XRP price started a strong increase above the $0.880 resistance.
- The price is now trading above $1.00 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $1.050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $1.00 support zone.
XRP Price Rallies Over 50%
XRP price remained supported above the $0.700 level. It formed a base and started a strong increase above $0.8800. It outperformed Bitcoin and Ethereum and surged over 50%.
The price even climbed above the $1.00 level before the bears appeared. A high was formed at $1.2747 before there was a pullback. The price dipped below $1.150 and tested $1.100. It tested the $1.00 support. A low was formed at $0.9988 and the price is now rising.
There was a move above the $1.050 resistance. Besides, there was a break above a connecting bearish trend line with resistance at $1.050 on the hourly chart of the XRP/USD pair.
The price is now trading above $1.050 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1380 level. It is close to the 50% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.
The first major resistance is near the $1.200 level and the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.
The next key resistance could be $1.250. A clear move above the $1.250 resistance might send the price toward the $1.320 resistance. Any more gains might send the price toward the $1.3850 resistance or even $1.40 in the near term. The next major hurdle might be $1.50.
Are Dips Limited?
If XRP fails to clear the $1.1380 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.050 level. The next major support is near the $1.00 level.
If there is a downside break and a close below the $1.00 level, the price might continue to decline toward the $0.9320 support in the near term. The next major support sits near the $0.880 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.0500 and $1.0000.
Major Resistance Levels – $1.1380 and $1.2000.
Source: NewsBTC.com
