XRP Price Gains Ground, Traders Question Strength of Rally

XRP price started a recovery wave above $1.3200 and $1.3220. The price is now consolidating and might aim for a fresh move above $1.3480.

XRP price started a recovery wave above the $1.3220 zone. The price is now trading above $1.3300 and the 100-hourly Simple Moving Average. There was a break above a bearish trend line with resistance at $1.3085 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move up if it settles above $1.350.

XRP Price Gains Some Ground

XRP price remained supported above $1.280 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.3120 and $1.320 to enter a short-term positive zone.

There was also a move above the 50% Fib retracement level of the downward move from the $1.3678 swing high to the $1.2801 swing low. Besides, there was a break above a bearish trend line with resistance at $1.3085 on the hourly chart of the XRP/USD pair.

The bulls even pushed the price above $1.320 but they struggled near $1.3480. The price is now trading above $1.330 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3480 level or the 76.4% Fib retracement level of the downward move from the $1.3678 swing high to the $1.2801 swing low.

The first major resistance is near the $1.350 level.  A close above $1.350 could send the price to $1.40. The next hurdle sits at $1.4120. A clear move above the $1.4120 resistance might send the price toward the $1.4250 resistance. Any more gains might send the price toward the $1.4450 resistance.

Another Drop?

If XRP fails to clear the $1.350 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3240 level. The next major support is near the $1.320 level.

If there is a downside break and a close below the $1.320 level, the price might continue to decline toward $1.3120. The next major support sits near the $1.280 zone, below which the price could continue lower toward $1.2650.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.3240 and $1.3120.

Major Resistance Levels – $1.3500 and $1.4000.