XRP Price Faces Mounting Breakout Pressure

XRP Price Consolidates, Eyes Further Gains

XRP’s price has begun a recovery, trading above $1.3620 and $1.3650. The cryptocurrency is currently consolidating and could attempt another upward move if it surpasses $1.3840.

Technical Analysis

XRP has initiated a recovery wave, trading above the $1.3640 zone. The price is currently below $1.3820 and the 100-hourly Simple Moving Average. A contracting triangle is forming, with resistance at $1.380 on the hourly chart for the XRP/USD pair, according to data from Kraken. The pair could continue its upward trajectory if it settles above $1.3840.

Potential Gains

Supported above $1.350, XRP has initiated a recovery wave, mirroring trends seen in Bitcoin and Ethereum. The price has climbed above $1.3580 and $1.3620, entering a short-term positive zone. However, it remains below $1.3850 and the 23.6% Fibonacci retracement level of the downward movement from the $1.5495 swing high to the $1.3465 swing low.

A contracting triangle is also forming, with resistance at $1.380 on the hourly chart of the XRP/USD pair. The price is currently trading below $1.3750 and the 100-hourly Simple Moving Average.

If the price moves upward, it may encounter resistance near $1.3780. The primary resistance level is near $1.380. A close above $1.380 could push the price to $1.3840, with the next hurdle at $1.3940. A clear break above the $1.3940 resistance could send the price towards the $1.420 resistance. Further gains could see the price targeting the $1.4480 resistance or the 50% Fibonacci retracement level of the downward move from the $1.5495 swing high to the $1.3465 swing low.

Potential Decline

If XRP fails to break above the $1.3840 resistance zone, a fresh decline could ensue. Initial support on the downside is near the $1.360 level. The next major support is near $1.3580. A break below $1.3580 could lead to a further decline towards $1.340. The subsequent major support is near the $1.3380 zone, below which the price could continue to fall towards $1.3250.

Technical Indicators

• Hourly MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
• Hourly RSI: The RSI for XRP/USD is above the 50 level.

Key Levels

• Major Support Levels: $1.3600 and $1.3580.
• Major Resistance Levels: $1.3840 and $1.3940.