XRP Price Targets $1.60 Breakout: Is The Bull Run Back?
XRP price is rising and gaining pace above the $ 1.480 zone. The price is showing positive signs and might soon aim for a breakout above the $ 1.60 level.
- XRP price is eyeing a fresh increase above the $ 1.5850 resistance zone.
- The price is now trading above $ 1.520 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $ 1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain momentum if it clears the $ 1.600 resistance.
XRP Price Starts Fresh Increase Above $ 1.50
XRP price remained supported near the $ 1.400 zone. It formed a base and recently started an upward move like Bitcoin and like Ethereum. There was a move above the $ 1.420 and $ 1.4350 resistance levels.
There was a break above a key bearish trend line with resistance at $ 1.4450 on the hourly chart of the XRP/USD pair. The pair was able to clear the $ 1.50 level. There was a clear move above the 61.8% Fib retracement level of the downward move from the $ 1.6339 swing high to the $ 1.2594 low.
The price is now trading above $ 1.50 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $ 1.6339 swing high to the $ 1.2594 low.
On the upside, the price might face resistance near the $ 1.5850 level. The first major resistance is near the $ 1.600 level. The next key resistance could be $ 1.6350. A clear move above the $ 1.6350 resistance might send the price toward the $ 1.6650 resistance. Any more gains might send the price toward the $ 1.680 resistance or even $ 1.6920 in the near term. The next major hurdle for the bulls might be $ 1.70.
Another Pullback?
If XRP fails to clear the $ 1.600 resistance zone, it could start a downside correction. Initial support on the downside is near the $ 1.500 level. The next major support is near the $ 1.480 level.
If there is a downside break and a close below the $ 1.480 level, the price might continue to decline toward the $ 1.4550 support. The next major support sits near the $ 1.400 zone.
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 – $ 1.5000 and $ 1.4800.
Major Resistance Levels – $ 1.6000 and $ 1.6350.