XRP price initiated a new upward trajectory, surpassing the $1.3980 and $1.40 levels, mirroring the movements of Bitcoin and Ethereum. The price accelerated for a definitive breakout above the $1.4150 resistance level. The bulls have pushed the price up toward the $1.4220 zone. A peak was established at $1.4215, followed by a consolidation phase above the 23.6% Fibonacci retracement level of the upward movement from the $1.3460 swing low to the $1.4215 high. The price is currently trading above $1.4040 and the 100-hourly Simple Moving Average.
Additionally, a bullish trend line is taking shape, with support positioned at $1.40 on the hourly chart of the XRP/USD pair. Should a new upward trend emerge, the price could encounter resistance around the $1.420 mark. The initial significant resistance stands around the $1.4220 mark, beyond which the price may surge and challenge the $1.4350 level. A decisive break above the $1.4350 resistance could propel the price towards the $1.450 resistance level. Further gains could propel the price towards the $1.4740 resistance level.
The upcoming significant challenge for the bulls could be around the $1.50 mark. XRP faces a critical test at the $1.420 resistance zone; failure to break through could trigger a new downward trend. Initial support on the downside is positioned around the $1.40 level and the trend line. The next significant support level is around $1.3840, coinciding with the trend line and the 50% Fibonacci retracement level from the upward movement that began at the $1.3460 swing low and peaked at $1.4215.
If a downside break occurs and the price closes below the $1.3840 level, we could see a further decline toward $1.3650. The next significant support level is around the $1.350 area, and if the price falls below this point, it may continue to decline towards $1.3250. The primary support level appears to be $1.3120.