The price of XRP has risen above the $1.15 and $1.20 resistance levels. The price has increased by over 25% and may further rise above the resistance at $1,420.

• XRP price has started a modern rally above the resistance level at $1.20.
• The price is currently above $1,250 and the 100-hour uncomplicated moving average.
• On the hourly chart, the XRP/USD pair broke out above the key bearish trend line with resistance at $1.1400 (data source Kraken).
• The pair is up over 25% and it looks like the bull run isn’t over yet.

The price of XRP is seeing a steady raise

XRP price has formed a base above $1,050 and started a modern rally. There was a move above the resistance levels of $1.150 and $1.20. It even rose above the $1.25 level, beating Ethereum and Bitcoin in the last two sessions.

There was also a break above the key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. The maximum was formed at USD 1.4161 and the price is currently consolidating its gains. The stock is trading above the 23.6% Fib retracement level resulting from the upward move from a low of $1.0649 to a high of $1.4161.

The price is currently above $1.30 and the 100-hour uncomplicated moving average. On the other hand, the price may face resistance near the USD 1,400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1,450.

A clear move above the $1,450 resistance could push the price towards the $1.50 resistance. Further increases could push the price towards the resistance level of $1,550 or even $1,620 in the near future. The next major hurdle for bulls could be a price of $1.750 or $1.80.

Are dips supported?

If XRP fails to break the resistance zone at $1,420, a bearish correction may begin. Initial downside support is near the $1.3350 level. The next critical support is near the $1.2850 level.

If there is a downside breakout and a close below the $1.2850 level, the price may continue to fall towards the $1.240 support or 50% Fib retracement level upwards from the low of $1.0649 to the high of $1.4161 in the near future. The next major support is located near the $1.20 zone.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in a bearish zone.

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

Major support levels – $1.3350 and $1.2850.

Major resistance levels – $1.4000 and $1.4200.