XRP Price Climbs Off Recent Lows With Fresh Upside Momentum

XRP price started a recovery wave above 1.10 and 1.1250. The price is now consolidating and might aim for a fresh move if it clears 1.1730. XRP price started a recovery wave above the 1.1250 zone. The price is now trading below 1.1220 and the 100-hourly Simple Moving Average. There was a break above a bearish trend line with resistance at 1.10 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move up if it settles above 1.1250. XRP Price Eyes More Gains XRP price remained supported above 1.050 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above 1.10 and 1.120 to enter a short-term positive zone. There was a break above a bearish trend line with resistance at 1.10 on the hourly chart of the XRP/USD pair. The bulls pushed the price above the 23.6 Fib retracement level of the downward move from the 1.3640 swing high to the 1.052 swing low. The price is now trading above 1.120 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the 1.1720 level. The first major resistance is near the 1.2080 level and the 50 Fib retracement level of the downward move from the 1.3640 swing high to the 1.052 swing low. A close above 1.2080 could send the price to 1.2150. The next hurdle sits at 1.220. A clear move above the 1.220 resistance might send the price toward the 1.2450 resistance. Any more gains might send the price toward the 1.2620 resistance. Another Decline? If XRP fails to clear the 1.1740 resistance zone, it could start a fresh decline. Initial support on the downside is near the 1.1250 level. The next major support is near the 1.110 level. If there is a downside break and a close below the 1.110 level, the price might continue to decline toward 1.080. The next major support sits near the 1.050 zone, below which the price could continue lower toward 1.00. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – 1.1250 and 1.1200. Major Resistance Levels – 1740 and 1.2080.