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XRP Price Rally at Risk Due to Key $1.42 Resistance Level
XRP held above $1.30 and began recovering, similar to Bitcoin and Ethereum. The price managed to climb above $1.3250 and $1.350, entering a short-term positive zone.
There was also a break above the 50% Fibonacci retracement level of the downward move from the $1.4936 high to the $1.2702 low. Additionally, on the hourly chart of the $XRP/USD pair, a breakout occurred above a bearish trend line with resistance at $1.360.
The bulls even pushed the price above $1.3820 but struggled to maintain levels above $1.40. The price is currently trading below $1.3880 and the 100-hour simple moving average. On a fresh upward move, the price may face resistance at $1.3820.
The first major resistance lies near $1.4080, corresponding to the 61.8% Fibonacci retracement of the decline from $1.4936 to $1.2702. A close above $1.4080 could open the door to $1.420. The next obstacle is $1.440. If the price decisively breaks above $1.440, it may head toward $1.4550. Further gains could bring the $1.50 resistance level into play.
Another Decline?
If $XRP fails to break the $1.4080 resistance zone, it could trigger another decline. Initial support on the downside is at $1.340, followed by major support at $1.3220.
A downside break and close below $1.3220 could push the price toward $1.30. The next key support sits near $1.2880, below which the price may decline toward $1.2720.
Technical Indicators
- Hourly MACD — the MACD for the $XRP/USD pair is losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) — currently above the 50 level.
- Major support levels — $1.340 and $1.3220.
- Major resistance levels — $1.3820 and $1.4080.
See also: "The Bear Market Is Not Over Yet: Bitcoin Failed to Break the Key $68,000 Resistance"
