XRP recovers $1.4 as buying pressure revives..."Risk if support line is not maintained"

▲ XRP/ChatGPT generated image

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

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

XRP, along with Bitcoin (BTC) and Ethereum (ETH), broke above $1.3980 and $1.40, then breached the $1.4150 resistance. Buying pressure pushed the price up to the $1.4220 area, forming a high 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 main resistance was presented as $1.4220, and analysis suggests that if this level is surpassed, a test of the $1.4350 resistance is possible. If the $1.4350 resistance is also overcome, $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 the $1.420 resistance area, 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 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 accelerating in the bullish zone, and the hourly Relative Strength Index (RSI) is above 50. NewsBTC suggested key support levels at $1.4000 and $1.3840, and key resistance levels at $1.4200 and $1.4500.

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