XRP Price Gains Strength, Is a Bigger Rally Brewing?

XRP price started a decent increase above $1.3880. The price is now consolidating gains and might aim for more gains above the $1.4150 zone.

The bulls even pumped the price toward the $1.40 zone. A high was formed at $1.4157, and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.3510 swing low to the $1.4157 high.

The price is now trading above $1.40 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $1.370 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $1.4150 level. The first major resistance is near the $1.4220 level, above which the price could rise and test $1.440. A clear move above the $1.440 resistance might send the price toward the $1.450 resistance. Any more gains might send the price toward the $1.4650 resistance. The next major hurdle for the bulls might be near $1.4840.

If XRP fails to clear the $1.4150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.40 level. The next major support is near the $1.3840 level or the 50% Fib retracement level of the upward move from the $1.3510 swing low to the $1.4157 high.

If there is a downside break and a close below the $1.3840 level, the price might continue to decline toward $1.370 and the trend line. The next major support sits near the $1.350 zone, below which the price could continue lower toward $1.3250. The main support could be $1.3120.

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 – $1.3840 and $1.3700.

Major Resistance Levels – $1.4150 and $1.4400.