XRP Tests $1.38 After Breaking Rising Channel
XRP formed a high at $1.38 after breaking above rising channel resistance near $1.34. The price now trades above the 100-hourly Simple Moving Average, with bulls targeting the $1.40 zone as the next test.
Key Takeaway
XRP needs to hold $1.36 support and clear $1.40 to confirm the channel breakout.
XRP broke above a rising channel resistance near $1.34 and formed a high at $1.38. The price now trades above the 100-hourly Simple Moving Average, with bulls eyeing the $1.40 zone as the next test.
The immediate resistance sits at $1.375, followed by a first major hurdle at $1.385. If buyers clear that level, XRP could push toward $1.41 and $1.425. The bigger barrier looms at $1.45, where sellers are likely to defend.
Downside support holds at $1.36, with stronger buying interest at $1.352. That level aligns with the 50% Fibonacci retracement from the $1.32 swing low to the $1.38 high. A break below would open the door to $1.344, and potentially $1.332 and $1.325 if momentum shifts.
Technical indicators favor buyers for now. The MACD is gaining pace in bullish territory on the hourly timeframe, while the RSI sits above 50. Both suggest XRP has room to run if it can hold above the 100-hourly moving average. The chart data comes from the XRP/USD pair on Kraken, where major resistance levels are $1.388 and $1.40, while major support sits at $1.36 and $1.352.
This article was written based on reporting from NewsBTC.
