- Ripple price surged more than 15% after it broke the key $0.2650 resistance against the US dollar.
- The price is trading well above the $0.3000 level and it could continue to rise.
- There was a break above a bullish continuation pattern with resistance near $0.2930 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is showing a lot of bullish signs, with many supports near the $0.3000 and $0.2950 levels.
Ripple price rallied above $0.3000 to start an uptrend against the US Dollar and bitcoin. XRP price turned buy on dips and it could continue to rise towards $0.3200.
Ripple Price Analysis
In the past many analysis, we discussed the importance of the $0.2650 resistance for XRP price against the US Dollar. Yesterday, we even saw a major breakout pattern forming with resistance near $0.2630 on the hourly chart of the XRP/USD pair. Finally, the pair gained bullish momentum and broke the main $0.2620 and $0.2650 resistance levels. It opened the doors for sharp gains above the $0.2720 and $0.2800 resistance levels.
Moreover, the price rallied above the $0.3000 resistance area and gained more than 15%. Intermediately, there was a break above a bullish continuation pattern with resistance near $0.2930 on the same chart. A new monthly high was formed near $0.3128 and the price is currently consolidating gains. An immediate support is near the $0.3060 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $0.2839 low to $0.3128 high.
On the downside, there are many supports near the $0.3060 and $0.3000 levels. Moreover, the 50% Fib retracement level of the recent rally from the $0.2839 low to $0.3128 high is near the $0.2985 to act as a solid support. The next key support is near $0.2950, below which ripple could test the $0.2800 support area.
On the upside, an immediate resistance is near the $0.3120 level. If there are more upsides, the price could easily break the $0.3150 resistance and continue higher towards the $0.3200 and $0.3220 resistance levels. The main resistance for the current wave is now near the $0.3250 level.
Looking at the chart, ripple price is clearly trading in a nice uptrend above the $0.2950 and $0.3000 support levels. In the short term, there could be a downside correction, but the price remains well bid above the $0.3000 and $0.2950 levels in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently showing many positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 70 level.
Major Support Levels – $0.3060, $0.3000 and $0.2950.
Major Resistance Levels – $0.3120, $0.3150 and $0.3220.
