XRP’s price failed to break above $1.50 and has since pulled back. It is now holding support at $1.380 and could attempt another rally.
After being unable to sustain above $1.480, XRP began a downward correction, dropping below $1.460 and $1.450. The decline even passed the 50% Fibonacci retracement level of the recent upswing from $1.3125 to $1.4936. Currently, the price is trading above $1.40 and the 100-hour Simple Moving Average. A new bearish trend line is forming with resistance near $1.410 on the hourly XRP/USD chart.
For another upward move to begin, the price must stay above the $1.380 support. If buyers regain strength, initial resistance is near the trend line and $1.410 level. The first major resistance sits at $1.420, followed by $1.450. A clear break above $1.450 could push the price toward $1.50, with further targets at $1.520 and then $1.550.
On the downside, if XRP fails to overcome the $1.410 resistance, it could resume its decline. Immediate support is near $1.40, with the next key support around $1.3820, which aligns with the 61.8% Fibonacci retracement level. A break and close below $1.3820 might lead to further losses toward $1.3430, with major support levels at $1.3250 and $1.3120.
Technical Indicators:
– Hourly MACD: Losing momentum in the bearish zone.
– Hourly RSI: Currently below the 50 level.
– Major Support Levels: $1.40 and $1.3820.
– Major Resistance Levels: $1.410 and $1.450.
Frequently Asked Questions
FAQs About XRPs Price Climb and Bullish Outlook
Beginner Questions
Q What is XRP
A XRP is a digital asset and the native cryptocurrency of the Ripple network designed for fast lowcost international payments and settlements
Q Why is XRPs price climbing
A The price is rising due to a combination of factors like positive market sentiment potential regulatory clarity increased adoption by financial institutions and general optimism in the crypto market
Q What does a potential breakout mean
A In trading a breakout means the price has moved above a key resistance level This often signals that the upward trend could accelerate fueling more buying interest
Q Is now a good time to buy XRP
A This is not financial advice Cryptocurrency investments are risky While optimism is high prices can be volatile You should only invest money you can afford to lose and do your own research
Q Where can I buy XRP
A You can buy XRP on major cryptocurrency exchanges like Binance Coinbase Kraken and Bitstamp among others
Intermediate Advanced Questions
Q What specific factors are fueling this bullish optimism for XRP
A Key factors include Ripples ongoing legal case with the SEC nearing a potential conclusion growing use of Ripples OnDemand Liquidity product by banks and technical analysis showing strong buying pressure and breakout patterns on charts
Q How does the SEC lawsuit affect XRPs price
A The lawsuit created uncertainty which previously suppressed the price Any positive developments or a favorable settlementverdict for Ripple is seen as removing a major obstacle which is a primary driver of current optimism
Q What are the main risks to this bullish outlook
A Major risks include an unfavorable outcome in the SEC case a broader crypto market downturn sudden negative regulatory news in other countries or failure of adoption to meet current high expectations
Q What is a realistic price target if it breaks out
A Traders often look at previous resistance levels and use Fibonacci extensions Realistic targets are subjective and vary by analyst they often reference previous alltime high zones as