XRP, in short-term recovery zone... 'This point' must be broken to see $1.5

▲ XRP/AI generated image

XRP is attempting a short-term recovery trend after confirming support above $1.4180. XRP entered a short-term positive zone by surpassing the $1.4250 and $1.4320 levels, but an analysis suggests that it could face renewed downward pressure if it fails to break the $1.4620 resistance line.

NewsBTC reported on the 13th that XRP showed a recovery after maintaining support above $1.4180. XRP successively surpassed $1.4250 and $1.4320, and also exceeded the 23.6% Fibonacci retracement level of the decline from the high of $1.4876 to the low of $1.4185.

However, selling pressure could reappear around $1.4550. A descending trend line with resistance at $1.4620 has formed on the hourly chart of the XRP/USD trading pair. The first major resistance level is $1.4610, which coincides with the 61.8% Fibonacci retracement level of the decline from the high of $1.4876 to the low of $1.4185.

An analysis suggests that if XRP closes above $1.4610, it could move into the $1.480 range. The next resistance level is $1.4880, and a clear break above this level could lead to an attempt to rise to the $1.50 resistance level. If further upward movement occurs, $1.520 has been mentioned as the next target zone.

Conversely, if XRP fails to break the $1.4620 resistance zone, a downtrend could resume. The initial downside support is $1.440, and the next major support is $1.4320. If a downward breakout and close below $1.4320 occur, it could fall to $1.4180, and subsequent major support levels are suggested at $1.4050 and $1.3880.

Technical indicators partially supported the possibility of a short-term rebound. The hourly Moving Average Convergence Divergence (MACD) is gaining momentum in the bullish zone, and the hourly Relative Strength Index (RSI) is above the 50 line. NewsBTC suggested XRP's major support levels are $1.4320 and $1.4180, and major resistance levels are $1.4550 and $1.4620.

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