XRP Price Shows Signs of Recovery, Eyes Further Gains Above $1.17
XRP has initiated a recovery wave, surpassing the $1.10 and $1.1250 marks. The cryptocurrency is currently consolidating and could be poised for further upward movement if it breaks through the $1.1730 resistance level.
XRP Price Eyes More Gains
Following a period of support above $1.050, XRP began a recovery trend, mirroring movements seen in Bitcoin and Ethereum. The digital asset managed to climb above $1.10 and $1.120, entering a short-term positive territory.
Data sourced from Kraken indicates a breakout above a bearish trend line, which had previously acted as resistance at $1.10 on the hourly chart for the XRP/USD pair. This upward momentum saw bulls push the price past the 23.6% Fibonacci retracement level of the decline from a swing high of $1.3640 to a swing low of $1.052.
Currently trading above $1.120 and the 100-hourly Simple Moving Average, XRP appears to be building on its gains. Should a fresh upward surge occur, the price may encounter resistance around the $1.1720 mark. The first significant resistance barrier is identified near $1.2080, which also coincides with the 50% Fibonacci retracement level of the same downward move. A sustained close above $1.2080 could propel XRP towards $1.2150, with the next hurdle at $1.220. A decisive move beyond this level might see XRP target the $1.2450 resistance, and further gains could push it towards $1.2620.
Another Decline?
Conversely, if XRP fails to overcome the resistance zone at $1.1740, a fresh decline could be initiated. Initial support on the downside is observed near the $1.1250 level. The next major support is situated around $1.110. A downside break and a close below $1.110 could lead to a continued decline towards $1.080. The subsequent significant support lies in the $1.050 zone, below which XRP could potentially fall further towards the $1.00 mark.
Technical Indicators
The hourly MACD for XRP/USD is currently gaining momentum in the bullish zone. The hourly RSI (Relative Strength Index) for XRP/USD has moved above the 50 level.
Major Support Levels: $1.1250 and $1.1200
Major Resistance Levels: $1.1740 and $1.2080
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