The price of XRP has been consolidating above the support level of $1.050, with bullish prospects for further gains above the $1.180 resistance. Recently, XRP experienced a notable uptick, surpassing the $1.080 level and showing strength above the 100-hourly Simple Moving Average.
A critical trend line is emerging on the hourly chart for the XRP /USD pair, providing support at roughly $1.100. As long as the price remains above the $1.00 support zone, there is potential for bullish momentum to build. XRP has formed a solid base above this key level, managing to outperform both Bitcoin and Ethereum by breaking established resistance points of $1.050 and $1.080.
The price advanced beyond the 50% Fibonacci retracement level, previously impacted by a downturn from $1.2745 to $0.9988, indicating strong bullish sentiment. However, resistance has been noted near the $1.170 level. The 61.8% Fibonacci retracement provides another challenge, but the developing trend line support may serve as a cushion for any pullbacks.
On the upside, significant resistance is anticipated around the $1.1680 level, with broader obstacles at $1.200. A breakthrough over $1.2740 could propel XRP towards $1.3220, with the possibility of reaching $1.3500, or even $1.3620, in a favorable scenario. Potential further resistance is identified at the $1.450 level.
Conversely, should XRP struggle to overcome the $1.1680 barrier, it may initiate a downward correction. Initial support appears at $1.100, followed by the $1.060 level. A close below this latter support may open the door for declines towards the $1.000 level, with further support identified around the $0.980 zone.
Technical indicators suggest a strengthening momentum, with the MACD suggesting bullish conditions and the RSI positioned above the neutral level of 50, adding to the positive outlook for XRP .
