XRP price is consolidating gains above the $1.00 zone. The price might start a fresh increase if it clears the $1.150 resistance zone.
XRP price started a downside correction below the $1.120 level.
The price is now trading below $1.120 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $1.150 resistance.
XRP Price Holds Support
XRP price struggled to start a fresh increase above the $1.150 and $1.180 levels. It started a downside correction and traded below the $1.120 level. It underperformed Bitcoin and struggled like Ethereum in the past two sessions.
The price is now trading below $1.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1380 level. There is also a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $1.150 level. The next key resistance could be $1.1680 or the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.
A clear move above the $1.1680 resistance might send the price toward the $1.200 resistance or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle for the bulls might be $1.250 or $1.265.
More Downsides?
If XRP fails to clear the $1.1380 resistance zone, it could continue to move down. Initial support on the downside is near the $1.100 level. The next major support is near the $1.0650 level or the triangle’s lower trend line.
If there is a downside break and a close below the $1.0650 level, the price might continue to decline toward the $1.020 support in the near term. The next major support sits near the $0.980 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.1000 and $1.0000.
Major Resistance Levels – $1.1680 and $1.2000.
