XRP Recovers $1.4 as Buying Pressure Revives... "Risk if Support Line Not Maintained"

▲ XRP/ChatGPT generated image

XRP continued its short-term rebound by reclaiming the $1.40 level, but whether it breaks through the $1.4220 resistance level has emerged as a key turning point for further upside.

According to cryptocurrency media outlet NewsBTC on May 6 (local time), XRP entered a consolidation phase after starting a stable upward trend above $1.40. XRP moved past the $1.4080 zone and maintained its trading flow above $1.4040 and the 100-hour simple moving average. An ascending trend line with $1.40 as support also formed on the hourly XRP/USD chart.

XRP, along with Bitcoin (BTC) and Ethereum (ETH), surpassed $1.3980 and $1.40, then broke through the $1.4150 resistance level. Buying pressure pushed the price up to the $1.4220 zone, with a high forming at $1.4215. Subsequently, XRP moved above the 23.6% Fibonacci retracement level of the rise from the $1.3460 low to the $1.4215 high.

If the upward trend continues, XRP could face its first resistance near $1.420. The major resistance level was suggested at $1.4220, and analysis indicates that breaking above this zone could lead to testing the $1.4350 resistance level. If the $1.4350 resistance level is also surpassed, $1.450 was mentioned as the next resistance, with $1.4740 and $1.50 suggested for further upward movement.

Conversely, if XRP fails to break through the $1.420 resistance zone, a short-term correction could begin. On the downside, $1.40 and the ascending trend line were identified as the primary support levels. The next major support level is $1.3840, which coincides with the 50% Fibonacci retracement level of the rise from the $1.3460 low to the $1.4215 high.

Technical indicators supported the short-term upward trend. The hourly Moving Average Convergence Divergence (MACD) is gaining momentum in the bullish zone, and the hourly Relative Strength Index (RSI) is above 50. NewsBTC suggested major support levels at $1.4000 and $1.3840, and major resistance levels at $1.4200 and $1.4500.

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