Analysis

Ripple (XRP) Just Saw A Key Technical Breakout: Relief Rally Underway

Ripple started a steady recovery wave, following bitcoin’s upward move and ethereum’s rally against the US Dollar. XRP price is likely to revisit $ 0.2575 or $ 0.2620 in the near term.

  • Ripple is up 4% and it is trading above the $ 0.2350 and $ 0.2440 resistance levels against the US dollar.
  • The price is showing positive signs above the $ 0.2450 level and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $ 0.2360 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct a few points, but it is likely to continue higher towards $ 0.2575.

Ripple Price Recovers 4%

The recent rise in Ethereum and bitcoin pushed ripple higher above the $ 0.2350 resistance. It seems like XRP price formed a decent support base above $ 0.2300 before starting the current recovery wave.

There was a break above the $ 0.2380 resistance and the price even climbed above $ 0.2400. The upward move was initiated after there was a break above a key bearish trend line with resistance near $ 0.2360 on the hourly chart of the XRP/USD pair.

The pair is showing positive signs above the $ 0.2450 level and the 100 hourly simple moving average. An initial resistance is near the $ 0.2480 level or the 50% Fib retracement level of the downward move from the $ 0.2659 high to $ 0.2300 low.

Ripple (XRP)

Ripple price trades above $ 0.2440. Source: TradingView.com

The first major resistance is near the $ 0.2520 level. It is close to the 61.8% Fib retracement level of the downward move from the $ 0.2659 high to $ 0.2300 low. The main hurdle on the upside is near the $ 0.2575 level, above which the price might accelerate higher towards the $ 0.2620 level.

Any further gains could initiate a steady rise towards the $ 0.2680 and $ 0.2720 levels in the coming sessions.

Dips Supported in XRP?

If ripple fails to continue higher above $ 0.2520, there could be a downside correction. An initial support is near the $ 0.2440 level (resistance turned support).

A downside break below the $ 0.2440 support may perhaps push the price towards the $ 0.2380 support or the 100 hourly SMA. Any further losses could lead the price back towards the $ 0.2300 breakdown support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is well above the 60 level.

Major Support Levels – $ 0.2440, $ 0.2380 and $ 0.2300.

Major Resistance Levels – $ 0.2480, $ 0.2520 and $ 0.2575.

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

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