XRP Price Upside Threatened as $1.42 Emerges Key Resistance

XRP price started a recovery wave above $1.3820 but failed near $1.420. The price is now consolidating and might aim for a fresh move above $1.420.

• XRP price started a recovery wave above the $1.3820 zone.
• The price is now trading below $1.3880 and the 100-hourly Simple Moving Average.
• There was a break above a bearish trend line with resistance at $1.360 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $1.40.

XRP Price Faces Resistance

XRP price remained supported above $1.30 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.3250 and $1.350 to enter a short-term positive zone.

There was also a move above the 50% Fib retracement level of the downward move from the $1.4936 swing high to the $1.2702 low. Besides, there was a break above a bearish trend line with resistance at $1.360 on the hourly chart of the XRP/USD pair.

The bulls even pushed the price above $1.3820 but they struggled to keep the price above $1.40. The price is now trading below $1.3880 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3820 level.

The first major resistance is near the $1.4080 level or the 61.8% Fib retracement level of the downward move from the $1.4936 swing high to the $1.2702 low.  A close above $1.4080 could send the price to $1.420. The next hurdle sits at $1.440. A clear move above the $1.440 resistance might send the price toward the $1.4550 resistance. Any more gains might send the price toward the $1.50 resistance.

Another Drop?

If XRP fails to clear the $1.4080 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.340 level. The next major support is near the $1.3220 level.

If there is a downside break and a close below the $1.3220 level, the price might continue to decline toward $1.30. The next major support sits near the $1.2880 zone, below which the price could continue lower toward $1.2720.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

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

Major Support Levels – $1.340 and $1.3220.

Major Resistance Levels – $1.3820 and $1.4080.