XRP is currently experiencing a consolidation phase, trading around the $1.450 level. In order for the cryptocurrency to embark on a significant upward trajectory, it needs to break through the $1.50 resistance level, which will be crucial in the near future.
After establishing a solid foundation above the $1.30 level, XRP has made gains, surpassing resistance at $1.350 and $1.42. Recently, it even climbed above $1.45, showing strength as it outperformed both Ethereum and Bitcoin in recent sessions. Additionally, the price has risen above the 61.8% Fibonacci retracement level from its previous decline, which ranged from a high of $1.6340 to a low of $1.3007. Nevertheless, selling pressure is evident near the $1.50 resistance, which coincides with a significant contracting triangle formation on the hourly chart.
As XRP hovers around $1.45, it also interacts with the 100-hourly Simple Moving Average, facing potential resistance around $1.4680. The primary challenge remains the $1.50 level, which must be breached for further increases. A successful breakout could see XRP aiming for the next key resistance level at $1.550, aligned with the 76.4% Fibonacci retracement from the prior downtrend. Should it surpass that barrier, the price may rally towards $1.6350, with additional resistance points at $1.680 and potentially $1.6850 ahead. Bulls will need to target even higher resistance levels at around $1.720 and $1.750 in subsequent movements.
Conversely, if XRP does not manage to overcome the $1.50 resistance, the price may face a downturn. Initial support is anticipated near the $1.400 mark, closely guarded by the lower trend line of the contracting triangle. Further support exists around $1.380, and a breach below this could trigger a decline towards $1.3200, with another significant support region at approximately $1.2650.
Technical indicators are showing a bullish trend, with the MACD gaining pace and the Relative Strength Index (RSI) remaining above the neutral 50 mark, indicating potential for further upward movement as long as critical resistances can be surmounted.
