XRP is currently experiencing a phase of consolidation above the $1.00 level, and an upward movement may occur if it successfully surpasses the $1.150 resistance level. Following a recent downturn, XRP ’s price dipped below $1.120, positioning itself beneath both this level and the 100-hourly Simple Moving Average. Currently, a short-term contracting triangle is evident, with immediate resistance noted at $1.1380.
The performance of XRP has been subpar in comparison to Bitcoin and Ethereum in recent sessions. After struggling to initiate a rebound above $1.150 and $1.180, it underwent a correction, settling beneath the crucial $1.120 level. With resistance looming at approximately $1.1380, XRP faces additional challenges ahead. The primary resistance is identified at $1.150, while $1.1680, linked to the 61.8% Fibonacci retracement level from the recent decline, emerges as the next significant barrier.
Should XRP manage a breakout above the $1.1680 resistance, it could potentially reach toward the $1.200 resistance point, which corresponds to the 76.4% Fibonacci retracement from the same decline. Further bullish momentum could push the price toward critical resistance levels of $1.2250 or $1.2320, with a more substantial challenge anticipated at $1.250 or $1.265.
Conversely, if XRP is unable to overcome the $1.1380 resistance, it risk retracing lower. Initial support is identified just below at the $1.100 level, with further support found around $1.0650, which corresponds to the lower trendline of the current triangle formation. Should there be a decisive break downwards, XRP could see a decline toward the $1.020 mark, with major support further down at the $0.980 area.
On the technical front, indicators suggest a waning bearish momentum, as seen in the hourly MACD, while the RSI remains below the neutral 50 mark. The key levels to monitor include $1.1000 for support and $1.1680 and $1.2000 for resistance.
