XRP price initiated a recovery wave, climbing above $1.3820, but encountered resistance near $1.420. The price is currently consolidating and could potentially target a new move above $1.420. XRP price initiated a recovery wave, moving above the $1.3820 threshold. The price is currently trading under $1.3880 and below the 100-hourly Simple Moving Average. A breakout occurred above a bearish trend line, with resistance identified at $1.360 on the hourly chart of the XRP/USD pair, according to data.
The pair may maintain its upward trajectory if it manages to establish a position above $1.40. XRP price held steady above $1.30 and initiated a recovery wave, similar to Bitcoin and Ethereum. The price managed to surge past $1.3250 and $1.350, positioning itself in a short-term bullish territory. A significant move occurred above the 50% Fibonacci retracement level of the downward trend from the $1.4936 swing high to the $1.2702 low. Additionally, the hourly chart of the XRP/USD pair shows a breakout above a bearish trend line, with resistance positioned at $1.360. The bulls managed to drive the price above $1.3820, yet they faced challenges in maintaining levels above $1.40.
The current trading price is below $1.3880 and the 100-hourly Simple Moving Average. If a new upward trend emerges, the price could encounter resistance around the $1.3820 mark. The initial significant resistance is located around the $1.4080 mark, coinciding with the 61.8% Fibonacci retracement level of the decline from the $1.4936 swing high to the $1.2702 low. A close above $1.4080 might propel the price to $1.420. The upcoming obstacle stands at $1.440. A decisive breakout above the $1.440 resistance could propel the price towards the $1.4550 resistance level. Further gains could propel the price towards the $1.50 resistance level.
If XRP is unable to break through the $1.4080 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $1.340 mark. The upcoming significant support level is around $1.3220. A downside break and a close below the $1.3220 level could signal a continued decline in price, potentially heading toward $1.30. The next significant support level is around the $1.2880 area, and if the price falls below this point, it may trend downward toward $1.2720.