XRP has experienced a notable surge, rising over 25% and maintaining strong momentum above the $1.00 support level. The digital currency’s price could see further acceleration if it successfully breaches the $1.1380 resistance mark.
The price embarked on an upward trajectory after breaking past the $0.880 resistance. Currently, XRP is trading above $1.00 and the 100-hourly Simple Moving Average. A break above a connecting bearish trend line with resistance at $1.050 has been observed on the hourly chart of the XRP/USD pair.
XRP’s price held steady above the $0.700 level before forming a base and embarking on an impressive climb above $0.8800, outperforming both Bitcoin and Ethereum by surging over 50%. The price advanced beyond the $1.00 level, hitting a high of $1.2747 before encountering a pullback. The subsequent dip saw XRP testing and rebounding from the $1.00 support level, reaching a low of $0.9988 and beginning to rise once more.
Following a move above the $1.050 resistance, XRP broke through a significant bearish trend line at the same level. It continues to trade above $1.050 and the 100-hourly Simple Moving Average. On the upward path, XRP faces imminent resistance near the $1.1380 mark, which aligns with the 50% Fibonacci retracement level of the decline from the $1.2747 swing high to the $0.9988 low.
Further resistance is expected around $1.200, corresponding to the 76.4% Fibonacci retracement level of the aforementioned downward move. Should XRP clear the $1.250 resistance, its price could aim for the $1.320 level. Additional gains might propel XRP toward $1.3850 or even $1.40 in the near term, with the next significant hurdle at $1.50.
However, should XRP fail to overcome the $1.1380 resistance, a corrective decline could ensue. Initial downside support is near the $1.050 level, followed by stronger support at the $1.00 mark. A break below $1.00 could lead to further declines, targeting the $0.9320 support and potentially dropping to the $0.880 zone.
Indicator analysis shows the Hourly MACD gaining pace within the bullish zone and the RSI for XRP/USD positioned above 50. Major support levels are identified at $1.0500 and $1.0000, while major resistance levels stand at $1.1380 and $1.2000.
