XRP Price Recovers From Lows, Eyes Fresh Upside

$XRP price started a recovery wave above $1.10 and $1.1250. The price is now consolidating and might aim for a fresh move if it clears $1.1730.

$XRP price started a recovery wave above the $1.1250 zone. The price is now trading below $1.1220 and the 100-hourly Simple Moving Average. There was a break above a bearish trend line with resistance at $1.10 on the hourly chart of the $XRP/USD pair (data source from Kraken). The pair could continue to move up if it settles above $1.1250.

$XRP Price Eyes More Gains $XRP price remained supported above $1.050 and started a recovery wave, like Bitcoin and Ethereum — because, well, every altcoin recap still has to name-check the two heavyweights. The price was able to climb above $1.10 and $1.120 to enter a short-term positive zone. There was a break above a bearish trend line with resistance at $1.10 on the hourly chart of the $XRP/USD pair. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.3640 swing high to the $1.052 swing low. The price is now trading above $1.120 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.1720 level. The first major resistance is near the $1.2080 level and the 50% Fib retracement level of the downward move from the $1.3640 swing high to the $1.052 swing low. A close above $1.2080 could send the price to $1.2150. The next hurdle sits at $1.220. A clear move above the $1.220 resistance might send the price toward the $1.2450 resistance. Any more gains might send the price toward the $1.2620 resistance.

Another Decline? If $XRP fails to clear the $1.1740 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.1250 level. The next major support is near the $1.110 level. If there is a downside break and a close below the $1.110 level, the price might continue to decline toward $1.080. The next major support sits near the $1.050 zone, below which the price could continue lower toward $1.00 — the round number nobody is ever thrilled to revisit.

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 – $1.1250 and $1.1200. Major Resistance Levels – $1740 and $1.2080.