XRP has begun a recovery wave, trading above $1.3620 after breaking out of a declining channel on the hourly chart. The cryptocurrency is now testing levels just below the $1.3850 mark and the 100-hourly Simple Moving Average, with traders watching for a move toward $1.3940.
Channel breakout and resistance levels
On the hourly chart, XRP broke above a declining channel that had resistance at $1.380. This technical move suggests short-term bullish pressure is building. The first major resistance sits at $1.3940. A daily close above that level could open the door to $1.420, according to chart patterns.
Further upside targets include $1.4720, which corresponds to the 61.8% Fibonacci retracement of the recent downward move, followed by $1.50 and $1.520. Each of those levels represents a potential area where sellers might step in.
Support zones and indicators
On the downside, initial support is near $1.3620. If XRP fails to hold there, the next cushions are at $1.3550, then $1.3450, $1.3350, and $1.320. A break below those would signal that the recovery wave is stalling.
The hourly Moving Average Convergence Divergence (MACD) is gaining pace in bullish territory, while the Relative Strength Index (RSI) sits above 50. Both indicators point to continued buying interest in the near term.
XRP remains below the 100-hourly Simple Moving Average, a level that could act as a ceiling if momentum fades. But for now, the path of least resistance appears to be upward.
