XRP Price Targets $1.60 Breakout: Is The Bull Run Back?

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XRP price is rising and gaining pace above the $1.480 zone. The price is showing positive signs and might soon aim for a breakout above the $1.60 level.

• XRP price is eyeing a fresh increase above the $1.5850 resistance zone.
• The price is now trading above $1.520 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might gain momentum if it clears the $1.600 resistance.

XRP Price Starts Fresh Increase Above $1.50

XRP price remained supported near the $1.400 zone. It formed a base and recently started an upward move like Bitcoin and like Ethereum. There was a move above the $1.420 and $1.4350 resistance levels.

There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair. The pair was able to clear the $1.50 level. There was a clear move above the 61.8% Fib retracement level of the downward move from the $1.6339 swing high to the $1.2594 low.

The price is now trading above $1.50 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $1.6339 swing high to the $1.2594 low.

Source: XRPUSD on TradingView.comOn the upside, the price might face resistance near the $1.5850 level. The first major resistance is near the $1.600 level. The next key resistance could be $1.6350. A clear move above the $1.6350 resistance might send the price toward the $1.6650 resistance. Any more gains might send the price toward the $1.680 resistance or even $1.6920 in the near term. The next major hurdle for the bulls might be $1.70.

Another Pullback?

If XRP fails to clear the $1.600 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.500 level. The next major support is near the $1.480 level.

If there is a downside break and a close below the $1.480 level, the price might continue to decline toward the $1.4550 support. The next major support sits near the $1.400 zone.

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 – $1.5000 and $1.4800.

Major Resistance Levels – $1.6000 and $1.6350.