XRP price is rising and gaining momentum above the $1,480 zone. The price is showing positive signs and could soon aim to break above the $1.60 level.

• XRP price is seeing a fresh surge above the $1.5850 resistance zone.
• The price is currently above $1,520 and the 100-hour basic moving average.
• On the hourly chart, the XRP/USD pair broke out above the key bearish trend line with resistance at $1.4450 (data source Kraken).
• The pair could gain momentum if it breaks through the resistance at $1,600.

XRP price begins a modern surge above $1.50

XRP price remained supported near the $1,400 zone. It has formed a base and recently started moving upwards, similar to Bitcoin and Ethereum. There was a move above the $1.420 and $1.4350 resistance levels.

On the hourly chart, the XRP/USD pair has broken above the key bearish trend line with resistance at $1.4450. The pair was able to break the $1.50 level. There has been a clear move above the 61.8% Fib retracement level as part of the move down from the high at $1.6339 to the low at $1.2594.

The price is currently above $1.50 and the 100-hour basic moving average. It is also above the 76.4% Fib retracement level, which is the result of a downward move from the $1.6339 high to the $1.2594 low.

On the downside, the price may face resistance near the $1.5850 level. The first major resistance is near the $1,600 level. The next key resistance could be $1.6350. A clear move above the resistance at $1.6350 could push the price towards the resistance at $1.6650. Further gains could push the price towards the resistance at $1.680 or even $1.6920 in the near future. The next major hurdle for bulls could be the price of $1.70.

Another recall?

If XRP fails to break the resistance zone at $1,600, a downward correction may begin. Initial downside support is near the $1,500 level. The next vital support is near the $1.480 level.

If there is a downside breakout and a close below the $1.480 level, the price could continue to fall towards the $1.4550 support. The next major support is near the $1,400 zone.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.

Major support levels – USD 1.5000 and USD 1.4800.

Major resistance levels – $1.6000 and $1.6350.