XRP price has recently seen a recovery wave in crypto markets, trading above $1.3350 and the 100-hourly Simple Moving Average (SMA). This positive movement is also reflected in technical indicators, such as the Relative Strength Index (RSI) which is now above the 50 level, and the MACD which is gaining pace in the bullish zone.
The bulls have pushed the price above $1.340 but struggled near $1.3780. If there is a fresh upward move, the price might face resistance near the $1.3480 level, where a contracting triangle is forming with resistance at $1.3470 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $1.380 level or the 50% Fib retracement level of the downward move from the $1.4650 swing high to the $1.2836 swing low. A close above this level could send the price towards $1.40, with further resistance at $1.4120 and potentially even higher.
However, if XRP fails to clear the $1.380 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.3150 level, followed by $1.30. If there is a downside break and a close below $1.30, the price might continue to decline towards $1.2880 or even lower.