XRP Price Eases From Highs, Yet Setup Still Favors Another Rally

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XRP price started a downside correction from the $1.50 zone. The price is now consolidating and might aim for another increase if it stays above the $1.440 zone.

• XRP price started a downside correction after it failed to clear the $1.5050 zone.
• The price is now trading above $1.440 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $1.4420 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it settles above $1.4620.

XRP Price Trims Some Gains

XRP price started a decent upward move above $1.4250 and $1.450, outperforming Bitcoin and Ethereum. The price gained pace for a clear move above the $1.450 resistance.

A high was formed at $1.5074, and the price started a downside correction. There was a move below $1.480 and $1.4620. The price dipped below the 38.2% Fib retracement level of the upward move from the $1.3786 swing low to the $1.5074 high.

The price is now trading above $1.440 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $1.4420 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

If there is a fresh upward move, the price might face resistance near the $1.4580 level. The first major resistance is near the $1.4620 level, above which the price could rise and test $1.4770. A clear move above the $1.4770 resistance might send the price toward the $1.5050 resistance. Any more gains might send the price toward the $1.520 resistance. The next major hurdle for the bulls might be near $1.550.

Another Drop?

If XRP fails to clear the $1.4620 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.4420 level. The next major support is near the $1.4280 level and the trend line or the 61.8% Fib retracement level of the upward move from the $1.3786 swing low to the $1.5074 high.

If there is a downside break and a close below the $1.4280 level, the price might continue to decline toward $1.4120. The next major support sits near the $1.40 zone, below which the price could continue lower toward $1.3850. Any more losses might call for a test of $1.3650.

Technical Indicators

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

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

Major Support Levels – $1.4420 and $1.4280.

Major Resistance Levels – $1.4620 and $1.4770.