XRP Price Rally Heats Up — Can Bulls Smash $1.50?

XRP price started a decent increase above $1.450. The price is now consolidating gains and might aim for more gains above the $1.480 zone.

The bulls even pumped the price toward the $1.4750 zone. A high was formed at $1.4798 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.3855 swing low to the $1.4798 high.

The price is now trading above $1.4550 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.480 level. The first major resistance is near the $1.4850 level, above which the price could rise and test $1.50.

A clear move above the $1.50 resistance might send the price toward the $1.5250 resistance. Any more gains might send the price toward the $1.5320 resistance. The next major hurdle for the bulls might be near $1.550.

If XRP fails to clear the $1.480 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.450 level. The next major support is near the $1.4325 level or the 50% Fib retracement level of the upward move from the $1.3855 swing low to the $1.4798 high.

If there is a downside break and a close below the $1.4325 level, the price might continue to decline toward $1.420. The next major support sits near the $1.410 zone and the trend line, 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 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 – $1.450 and $1.4320.

Major Resistance Levels – $1.480 and $1.50.