XRP price pushed above the key $1.40 resistance level on Wednesday as improving market sentiment and strengthening technical signals supported a broader recovery across the crypto market.
Summary
- XRP price climbed above the $1.40 resistance level and briefly touched $1.45 as broader crypto markets recovered alongside easing oil prices.
- XRP continues to trade within a broader symmetrical triangle pattern, while a breakout above descending trendline resistance could open the door for a move toward $1.66 and potentially $2.
- Technical indicators turned bullish, with the MACD forming a positive crossover and the Supertrend remaining green as XRP printed higher lows since April.
According to data from crypto.news, XRP (XRP) price was trading near $1.44 at press time after climbing from an intraday low around $1.41. The token briefly touched highs near $1.45 before entering a short consolidation phase above the former resistance zone.
The latest move comes as easing geopolitical tensions in the Middle East and softer oil prices improved investor appetite for risk assets. Bitcoin and several major altcoins also traded higher during the session, helping XRP maintain bullish momentum.
On the daily chart, XRP appears to be attempting a breakout from a multi-month descending resistance trendline that has capped price action since early February. The token has now reclaimed the important 2/8 Murrey Math support and pivot level near $1.36, while price action continues to stabilize above the 3/8 trading range support around $1.46.
As reported earlier by crypto.news, XRP price also continues to trade within a broader symmetrical triangle pattern formed by converging trendlines. A breakout from such a structure often signals the beginning of a stronger directional move after a prolonged consolidation phase.
A confirmed breakout above the descending trendline and the upper boundary of the triangle could open the door for a move toward the next major resistance zone near $1.66, which aligns with the 5/8 Murrey Math level.
If buyers manage to sustain momentum beyond that area, XRP could then target the $1.95 to $2 region, which coincides with the 8/8 ultimate resistance zone on the chart.
Momentum indicators are also beginning to favor the bulls. The Supertrend has remained green, while the MACD lines have now formed a bullish crossover, suggesting buying momentum may continue strengthening in the near term. The recent rebound has also produced a series of higher lows since early April, signaling an improving market structure.
However, downside risks remain if XRP fails to hold above the breakout area. A rejection from current levels could send the token back toward support near $1.36, while a deeper correction may expose the $1.27 region.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
