XRP Price Moves Up, Traders Eye Break Above $1.42 Level

XRP price started a decent increase above $1.3850. The price is now consolidating gains and might aim for more gains above the $1.420 zone.

• XRP price started a steady increase above the $1.40 zone.
• The price is now trading above $1.40 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $1.3920 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $1.420.

XRP Price Aims for Fresh Gains $1.420

XRP price started a fresh upward move above $1.3880 and $1.3920, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.40 resistance.

The bulls even pumped the price toward the $1.4120 zone. A high was formed at $1.4148, and the price started a consolidation phase well above the 23.6% Fib retracement level of the upward move from the $1.3460 swing low to the $1.4148 high.

The price is now trading above $1.40 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $1.3920 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

If there is a fresh upward move, the price might face resistance near the $1.4150 level. The first major resistance is near the $1.420 level, above which the price could rise and test $1.4350. A clear move above the $1.4350 resistance might send the price toward the $1.450 resistance. Any more gains might send the price toward the $1.480 resistance. The next major hurdle for the bulls might be near $1.50.

Downside Correction?

If XRP fails to clear the $1.420 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3880 level. The next major support is near the $1.380 level and the trend line or the 50% Fib retracement level of the upward move from the $1.3460 swing low to the $1.4148 high.