XRP Stands at a Crossroads: Will it Break $1.50 or Face a Downturn?
XRP has seen a notable surge, climbing above the $1.420 mark and now consolidating these gains. The cryptocurrency is currently navigating a critical juncture, with market participants eagerly watching whether it can sustain momentum past the psychological $1.50 barrier or if a correctional phase is imminent.
Bullish Momentum and Key Resistance Levels
Following a recovery wave that mirrored the upward trends in Bitcoin and Ethereum, XRP gained significant traction above $1.380 and $1.40. The bulls managed to push the price past the $1.450 resistance, even touching a high of $1.5435 before entering a consolidation phase. For XRP to continue its upward trajectory, it must firmly settle above the $1.50 level. Should this materialize, subsequent resistance points lie at $1.5450, $1.650, $1.720, and a significant hurdle at $1.80. The 100-hourly Simple Moving Average currently provides support, trading above the $1.40 zone.
Potential Decline and Critical Support Zones
However, the path forward for XRP is not without its risks. If the cryptocurrency fails to clear the crucial $1.50 resistance, it could trigger a fresh decline. Initial downside support is observed near $1.40, coinciding with the 100-hourly Simple Moving Average. A more substantial support level is identified at $1.340, which represents the 50% Fibonacci retracement level of its recent upward swing from $1.135 to $1.543. A sustained close below $1.340 could see XRP's price slide further towards $1.30, with subsequent major supports at $1.250 and $1.20.
Technical Snapshot
Technical indicators present a mixed but cautious outlook. The Hourly MACD for XRP/USD is currently losing its bullish momentum, albeit still residing in the bullish zone. Meanwhile, the Hourly Relative Strength Index (RSI) remains above the 50 level, suggesting that buyers still hold some control, though the bullish conviction might be waning. Traders should monitor the major support levels at $1.40 and $1.340, and the key resistance levels at $1.450 and $1.50, to gauge XRP's next significant move.
