XRP Price Climbs to $1.60 — Downside Seen Limited by Strong Support

XRP price started a major increase above $1.50. The price is now consolidating gains and might aim for more gains above the $1.60 zone.

• XRP price started a steady upward move above the $1.50 zone.
• The price is now trading above $1.50 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $1.5220 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $1.580.

XRP Price Extends Its Surge

XRP price started a major upward move above $1.450 and $1.480, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.50 resistance.

The bulls even pumped the price toward the $1.550 zone. A high was formed at $1.6068 and the price started a minor pullback. There was a drop below the 23.6% Fib retracement level of the upward move from the $1.3855 swing low to the $1.6068 high.

The price is now trading above $1.50 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $1.5220 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $1.5650 level. The first major resistance is near the $1.580 level, above which the price could rise and test $1.60. A clear move above the $1.60 resistance might send the price toward the $1.6250 resistance. Any more gains might send the price toward the $1.6320 resistance. The next major hurdle for the bulls might be near $1.650.

Downside Correction?

If XRP fails to clear the $1.580 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.520 level and the trend line. The next major support is near the $1.470 level or the 61.8% Fib retracement level of the upward move from the $1.3855 swing low to the $1.6068 high.

If there is a downside break and a close below the $1.470 level, the price might continue to decline toward $1.450. The next major support sits near the $1.420 zone, below which the price could continue lower toward $1.3880. The main support could be $1.3680.

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 – $1.520 and $1.470.

Major Resistance Levels – $1.580 and $1.60.