XRP Price Finds Support Again, Though Resistance Threatens Rally Attempt

XRP price started a recovery wave above $1.4250 and $1.4320. The price is now consolidating and might aim for a fresh move if it clears $1.4620.

• XRP price started a recovery wave above the $1.4320 zone.
• The price is now trading above $1.4350 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at 1.4620 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $1.4880.

XRP Price Holds Support

XRP price remained supported above $1.4180 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.4250 and $1.4320 to enter a short-term positive zone.

There was also a move above the 23.6% Fib retracement level of the downward move from the $1.4876 swing high to the $1.4185 swing low. However, the bears could be active near the $1.4550 zone. Besides, there is a bearish trend line forming with resistance at 1.4620 on the hourly chart of the XRP/USD pair.

The price is now trading above $1.4350 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.4550 level. The first major resistance is near the $1.4610 level or the 61.8% Fib retracement level of the downward move from the $1.4876 swing high to the $1.4185 swing low.

Source: XRPUSD on TradingView.com

A close above $1.4610 could send the price to $1.480. The next hurdle sits at $1.4880. A clear move above the $1.4880 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.520 resistance.

Another Drop?

If XRP fails to clear the $1.4620 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.440 level. The next major support is near the $1.4320 level.