Analysis

Ripple (XRP) Smashes Key Resistance: Dips Could Be Attractive To The Bulls

Ripple rallied further 4% and it cleared the main $ 0.2550 resistance against the US Dollar. XRP price is now showing bullish signs, and dips could find strong bids near $ 0.2500 or $ 0.2450.

  • Ripple extended its rally above the $ 0.2520 and $ 0.2550 resistance levels against the US dollar.
  • The price traded to a new weekly high at $ 0.2589 and settled above the 100 simple moving average (4-hours).
  • There was a break above a significant bearish trend line with resistance near $ 0.2425 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct lower, but the previous resistance near $ 0.2550 or $ 0.2450 could provide support.

Ripple Price Extends Rally

Yesterday, we saw a sharp rise in ripple above the $ 0.2450 resistance level. XRP even spiked above the $ 0.2500 resistance and tested the key $ 0.2550 resistance.

There was also a break above a significant bearish trend line with resistance near $ 0.2425 on the 4-hours chart of the XRP/USD pair. Later, there was a minor downside correction towards the $ 0.2450 support level. The bulls remained active above $ 0.2450, and the price started a fresh rally.

It broke many important hurdles near $ 0.2500 and $ 0.2550 to move further into a positive zone. XRP traded to a new weekly high at $ 0.2589 and settled above the 100 simple moving average (4-hours).

Ripple Price

Ripple (XRP) price spikes above $ 0.2550. Source: TradingView.com

It is currently consolidating gains near the $ 0.2560 level. An initial support on the downside is near the $ 0.2550 level. The first key support is near the $ 0.2520 level or the 23.6% Fib retracement level of the recent rally from the $ 0.2293 low to $ 0.2589 high.

On the upside, the $ 0.2580 and $ 0.2600 levels are short-term hurdles. A successful close above the $ 0.2600 resistance could open the doors for more gains towards the $ 0.2680 and $ 0.2700 levels in the near term.

Dips Likely To Be Supported in XRP

If ripple starts a downside correction, the $ 0.2520 level might provide support. The next key support is near the $ 0.2500 level.

The main support seems to be forming near the $ 0.2450 level. It is also close to the 50% Fib retracement level of the recent rally from the $ 0.2293 low to $ 0.2589 high. Any further losses could lead the price towards $ 0.2400 or the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level, with overbought conditions.

Major Support Levels – $ 0.2550, $ 0.2520 and $ 0.2450.

Major Resistance Levels – $ 0.2580, $ 0.2620 and $ 0.2700.

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *

five × one =