XRP Price Bullish Momentum Expands — Market Eyes | Crypto News
XRP price began a strong increase above $1.520. The price is now consolidating features and may purpose for more features if it stays above the $1.50 zone.
- XRP price began a recent increase above the $1.50 zone.
- The price is now trading above $1.50 and the 100-hourly Simple Moving Average.
- There was a break above a declining channel with resistance at $1.5250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to transfer up if it settles above $1.5550.
XRP Price Corrects Gains
XRP price began a major upward transfer above $1.40 and $1.50, beating Bitcoin and Ethereum. The price gained tempo for a clear transfer above the $1.5250 resistance.
The bulls even pumped the price above the $1.550 zone. A high was fashioned at $1.6068 and the price began a draw back correction. There was a transfer below $1.550 and $1.5250. The price dipped below the 23.6% Fib retracement degree of the upward transfer from the $1.3855 swing low to the $1.6068 high.
However, the bulls had been lively close to $1.50 or the 50% Fib retracement degree 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 was also a break above a declining channel with resistance at $1.5250 on the hourly chart of the XRP/USD pair.
If there’s a recent upward transfer, the price may face resistance close to the $1.5550 degree. The first major resistance is close to the $1.580 degree, above which the price might 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 features may ship the price toward the $1.650 resistance. The next major hurdle for the bulls is likely to be close to $1.6880.
More Downside?
If XRP fails to clear the $1.60 resistance zone, it might start a recent decline. Initial assist on the draw back is close to the $1.520 degree. The next major assist is close to the $1.50 degree.
If there’s a draw back break and a close below the $1.50 degree, the price may continue to decline toward $1.470. The next major assist sits close to the $1.4520 zone, below which the price might continue decrease toward $1.4220. Any more losses may call for a take a look at of $1.4050.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 degree.
Major Support Levels – $1.5000 and $1.4700.
Major Resistance Levels – $1.5550 and $1.6000.
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