Price Pressures Resistance: Bulls Eye Upside Break
Price Pressures Resistance: Bulls Eye Upside Break
XRP price pressures resistance, bulls eye upside break as the cryptocurrency starts a recovery wave above $1.3380 and $1.340. The price is now consolidating and might aim for a fresh move above $1.3550.
Current Market Trends
XRP price remained supported above $1.3220 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.3350 and $1.340 to enter a short-term positive zone. There was also a move above the 38.2% Fib retracement level of the downward move from the $1.3963 swing high to the $1.3222 swing low.
Resistance Levels and Trend Lines
Bearish Trend Line
However, the bears are active near the $1.350 zone. There is also a key bearish trend line forming with resistance at $1.3550 on the hourly chart of the XRP/USD pair. The price is now trading above $1.340 and the 100-hourly Simple Moving Average.
- $1.3550: first major resistance level
- $1.360: potential upside break level
- $1.3680: 61.8% Fib retracement level of the downward move
Upside Break Potential
If there is a fresh upward move, the price might face resistance near the $1.3550 level and the trend line. A close above $1.360 could send the price to $1.3680 or the 61.8% Fib retracement level of the downward move from the $1.3963 swing high to the $1.3222 swing low.
Key Takeaways
- XRP price pressures resistance at $1.3550
- Bulls eye upside break above $1.360
- First major resistance level at $1.3550
- Potential upside target at $1.3680
Frequently Asked Questions
What is the current support level for XRP?
The current support level for XRP is $1.3220.
What is the potential upside target for XRP?
The potential upside target for XRP is $1.3680, which is the 61.8% Fib retracement level of the downward move from the $1.3963 swing high to the $1.3222 swing low.
