XRP Price Eyes is up more than 25% and is above the $1.00 support area. The price could accelerate higher if it surpasses the $1.1380 resistance area.
XRP price has started a strong rise above the $0.880 resistance level.
The price is now trading above $1.00 and the 100-hour simple moving average.
There was a break above the descending trend line connecting the $1,050 resistance on the hourly chart of the XRP/USD pair (data source from Kraken). Forex Mony
The pair could start another rise if it stays above the $1.00 support area.
XRP price is up more than 50%
XRP price is still supported above the $0.700 level. It has formed a base and started a strong rise above the $0.8800 level. It has outperformed Bitcoin and Ethereum and is up more than 50%.
The price even rose above the $1.00 level before the decline appeared. The top was formed at $1.2747 before the decline occurred. The price dropped below $1150 and tested $1100. Tested the support at $1.00. The bottom was formed at $0.9988 and the price is now rising.
There was a move above the $1,050 resistance level. Additionally, there was a break above the bearish trend line connecting the $1,050 resistance level on the hourly chart of the XRP/USD pair.
The price is now trading above the $1,050 level and the 100-hour simple moving average. On the upside, the price could face resistance near the $1.1380 level. This is close to the 50% Fib retracement level of the downside move from the $1.2747 high to $0.9988 low.
The first major resistance is near the $1,200 level and the 76.4% Fib retracement level of the downside move from the $1.2747 high to $0.9988 low.
The next major resistance could be at the $1,250 level. A clear move above the $1,250 resistance could push the price towards the $1,320 resistance level. Further upside could push the price towards the $1.3850 resistance or even $1.40 resistance in the near term. The next major hurdle could be at the $1.50 level.
Is the downside limited?
If XRP fails to cross the $1.1380 resistance area, a downside correction could begin. Initial support on the downside is near the $1,050 level. The next major support is near the $1.00 level.
If a downside breakout occurs and the price closes at the $1.00 level, the price could continue to decline towards the $0.9320 support level in the near term. The next major support level is near the $0.880 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.0500 and $1.0000.
Major Resistance Levels – $1.1380 and $1.2000.
