XRP Price Climbs to $1.60 — Downside Seen Limited | Crypto News
XRP price began a major increase above $1.50. The price is now consolidating positive aspects and may intention for more positive aspects above the $1.60 zone.
- XRP price began a regular upward transfer above the $1.50 zone.
- The price is now trading above $1.50 and the 100-hourly Simple Moving Average.
- There is a key bullish pattern line forming with assist at $1.5220 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to transfer up if it settles above $1.580.
XRP Price Extends Its Surge
XRP price began a major upward transfer above $1.450 and $1.480, like Bitcoin and Ethereum. The price gained tempo for a clear transfer above the $1.50 resistance.
The bulls even pumped the price toward the $1.550 zone. A high was fashioned at $1.6068 and the price began a minor pullback. There was a drop below the 23.6% Fib retracement stage of the upward transfer from the $1.3855 swing low to the $1.6068 high.
The price is now trading above $1.50 and the 100-hourly Simple Moving Average. There is also a key bullish pattern line forming with assist at $1.5220 on the hourly chart of the XRP/USD pair.
If there may be a contemporary upward transfer, the price may face resistance close to the $1.5650 stage. The first major resistance is close to the $1.580 stage, above which the price may rise and take a look at $1.60. A clear transfer above the $1.60 resistance may ship the price toward the $1.6250 resistance. Any more positive aspects may ship the price toward the $1.6320 resistance. The next major hurdle for the bulls is likely to be close to $1.650.
Downside Correction?
If XRP fails to clear the $1.580 resistance zone, it may start a contemporary decline. Initial assist on the draw back is close to the $1.520 stage and the pattern line. The next major assist is close to the $1.470 stage or the 61.8% Fib retracement stage of the upward transfer from the $1.3855 swing low to the $1.6068 high.
If there may be a draw back break and a close below the $1.470 stage, the price may continue to decline toward $1.450. The next major assist sits close to the $1.420 zone, below which the price may continue decrease toward $1.3880. The main assist could possibly be $1.3680.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now dropping tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 stage.
Major Support Levels – $1.520 and $1.470.
Major Resistance Levels – $1.580 and $1.60.
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