XRP Price Recovers Slightly — Next Move Depends on Strong Resistance

XRP Price Recovers Slightly

Summary:
XRP has seen a recovery above the $1.350 mark but has stumbled at around $1.390. Currently, the price is consolidating, with potential upward movement expected if it can surpass the $1.40 level.

Key Takeaways:

XRP's recovery started above the $1.3750 region.
The price is currently above $1.3720 and the 100-hourly Simple Moving Average.
A bullish trend line is forming with support at $1.3705 on the hourly XRP/USD chart.
For continued upward momentum, XRP needs to settle above $1.40.

XRP Price Confronts Resistance

The price of XRP has maintained support above $1.3220, initiating a recovery wave similar to that of Bitcoin and Ethereum. XRP successfully rose above $1.3350 and $1.350, marking its entry into a short-term bullish territory.

Additionally, the price moved past the 23.6% Fibonacci retracement level of the downward trend from a high of $1.4739 to a low of $1.3217. Support is currently indicated by a bullish trend line forming at $1.3705 on the XRP/USD hourly chart.

While bulls managed to push the price above $1.3850, they faced challenges in keeping it above $1.3800. Presently, XRP is trading over $1.370 and the 100-hourly Simple Moving Average. Should a fresh upward movement occur, resistance is expected near the $1.3880 level.

XRP Price
Source: XRPUSD on TradingView.com

The first significant resistance level is around $1.3980 or the 50% Fibonacci retracement of the downward move from $1.4739 to $1.3217. A close above $1.3980 could lead to a price increase to about $1.4120, with the next obstacle at $1.420. A strong movement beyond $1.420 may push the price towards $1.450, with any additional gains potentially reaching the $1.4650 resistance.

Is Another Drop Possible?

If XRP cannot overcome the $1.3980 resistance zone, it may begin to decline anew. The first support lies near the $1.370 mark along with the trend line, while the next major support level is around $1.350.

Should there be a downward breakdown and a close below $1.350, the price could further decrease toward $1.3360. Following that, the significant support level is at $1.3220, below which XRP could slide toward $1.3050.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is showing diminished momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently above the 50 level.
Major Support Levels: $1.3700 and $1.3500.
Major Resistance Levels: $1.3980 and $1.4120.