XRP has experienced a significant rally, with its price increasing over 25% and currently sitting above the crucial $1.00 support level. The upward momentum may continue if it successfully breaks through the resistance at $1.1380.
The price of XRP began an upward trend after surpassing the $0.880 resistance level. With the recent surge, it now trades above $1.00 and has effectively overcome the 100-hour Simple Moving Average, indicating a strong bullish sentiment. Additionally, a notable bullish breakout occurred, moving past a bearish trend line that had capped prices at around $1.050 on the hourly chart.
This rally has been substantial, with XRP price growth exceeding 50% since finding firm support above the $0.700 level. After establishing a strong foundation, it climbed convincingly past $0.880, outperforming other leading cryptocurrencies like Bitcoin and Ethereum . The price reached a peak of $1.2747 before retreating, dipping to about $0.9988. The current trend indicates a rebound as it recovers from this low.
Having surpassed the $1.050 resistance and trading comfortably above it, XRP may encounter resistance around $1.1380. This level coincides with the 50% Fibonacci retracement of the decline from its recent high to the aforementioned low. The next significant resistance levels to watch will be at $1.200 and further up at $1.250. A sustained increase beyond $1.250 might propel XRP towards $1.320 and potentially $1.3850, with the psychological barrier of $1.50 on the horizon.
Conversely, if XRP fails to break the $1.1380 resistance, it risks entering a corrective phase. Immediate support levels to monitor would be at $1.050 and $1.00. A decline below the $1.00 mark could open the door for further downside, potentially targeting support around $0.9320 and subsequently $0.880. Technical indicators reveal that the momentum is currently bullish, with the MACD gaining momentum and the RSI positioned above 50.
