Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ripple is up over 6% and it climbed higher above the $0.2450 resistance against the US Dollar. XRP price is still struggling to clear the key $0.2550 resistance zone.
- Ripple gained bullish momentum and surged above $0.2450 against the US dollar.
- The price ran into the main $0.2550 resistance and settled above the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $0.2420 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to resume its upward move as long as it is above the $0.2400 support zone.
Ripple Price is Showing Positive Signs
After a sustained bearish wave, ripple found support near the $0.2295 level. XRP price formed a support base above $0.2300 and recently started a strong upward move.
There was a clear break above the $0.2380 resistance and the 100 hourly simple moving average to start the current increase. There was also a break above a key bearish trend line with resistance near $0.2420 on the hourly chart of the XRP/USD pair.
Ripple gained bullish momentum and surged above the $0.2450 resistance level. The price even climbed above $0.2520, but it ran into a major resistance at $0.2550.
A high is formed near $0.2544 and it is currently correcting lower. There was a break below the $0.2500 support. The price is trading below the 23.6% Fib retracement level of the recent wave from the $0.2321 low to $0.2544 high.
Ripple price rallies above $0.2500. Source: TradingView.com
The first major support is forming near the $0.2440 level or the 50% Fib retracement level of the recent wave from the $0.2321 low to $0.2544 high. On the upside, the price is facing a crucial resistance near $0.2550.
To start a strong upward move, the price must surpass the $0.2540 and $0.2550 resistance levels. The next key resistance is near the $0.2620 level or $0.2650.
False Rally in XRP?
If ripple fails to continue higher above $0.2540, there are chances of a fresh decline. An initial support on the downside is near the $0.2475 level.
The key support for the bulls is near the $0.2440 level. A clear break below the $0.2440 support might increase pressure on the bulls. In the stated case, the price might revisit the $0.2380 support.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 60 level.
Major Support Levels – $0.2475, $0.2440 and $0.2400.
Major Resistance Levels – $0.2540, $0.2550 and $0.2620.
