XRP Price Eyes Further Gains Above $1.20 as Momentum Builds
XRP has begun a steady ascent, surpassing the $1.1650 mark. The cryptocurrency is currently consolidating its gains and appears poised for further upward movement, potentially targeting levels above $1.20.
XRP Price Aims for Fresh Increase
Following a pattern seen in Bitcoin and Ethereum, XRP initiated a fresh upward trajectory, breaking through the $1.1450 and $1.150 thresholds. The digital asset then accelerated, achieving a decisive move above the $1.1680 resistance level. Bulls pushed the price towards the $1.1880 zone, establishing a high of $1.1926. XRP has since entered a consolidation phase, trading above the 23.6% Fibonacci retracement level of its recent climb from a swing low of $1.0879 to the $1.1926 peak.
Currently, XRP is trading above $1.180 and the 100-hourly Simple Moving Average. A bullish trend line has formed on the hourly chart of the XRP/USD pair, with support identified at $0.140. Should XRP experience another upward surge, it may encounter resistance near the $1.1920 level. The first significant resistance lies around $1.1950, a break above which could propel the price to test the $1.20 zone. A clear breach of the $1.20 resistance could see XRP advance towards the $1.2150 resistance, with further gains potentially pushing it towards $1.2220. The next major hurdle for buyers is anticipated near $1.2250.
Downside Correction?
Conversely, if XRP fails to overcome the $1.20 resistance zone, a fresh decline could be initiated. Initial support on the downside is observed near the $1.1680 level. The subsequent major support is situated around $1.1550. A downside break and a close below $1.1550 could lead to a continued decline towards $1.1400, the trend line, and the 50% Fibonacci retracement level of the move from $1.0879 to $1.1926. Further down, the next significant support is located near the $1.1280 zone, below which the price could extend its losses towards $1.1120. The primary support level is seen at $1.080.
Technical Indicators
- Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is trading above the 50 level.
Major Support Levels: $1.1680 and $1.1400
Major Resistance Levels: $1.1920 and $1.2000
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