Ripple is slowly rising and it recently climbed above the $0.2400 resistance against the US Dollar. XRP price remains in a steady uptrend and it is likely to continue higher towards $0.3000.
- Ripple price is trading in an uptrend above $0.2200 and it is likely to hit $0.3000 against the US dollar.
- The bulls managed to push the price above the $0.2400 resistance area.
- There is a connecting bullish trend line forming with support near $0.2405 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is well supported on dips near $0.2400 and $0.2320 in the near term.
Ripple Price Likely To Continue Higher
After testing the $0.2320 support, ripple started a fresh increase. XRP price gained strength and broke the $0.2350 resistance area, while bitcoin fails to continue above the $9,500 resistance area.
The recent upward move was such that the price broke the $0.2400 resistance and settled well above the 100 hourly simple moving average. Besides, there was a break above the $0.2410 level and the price traded to a new intraday high at $0.2465.
It is currently correcting lower below the $0.2440 level. Ripple is testing the 23.6% Fib retracement level of the recent upward move from the $0.2293 low to $0.2464 high.
However, the $0.2400 area is now acting as a strong support. More importantly, there is a connecting bullish trend line forming with support near $0.2405 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing a small hurdle near the $0.2450 and $0.2460 levels. The first main hurdle is near the $0.2500 level, above which the price might continue to rise towards the $0.2650 and $0.2720 levels. The main target for the bulls in the coming days could be $0.3000.
Chances Of A Downside Correction
The previous resistance for ripple near $0.2400 is likely to act as a support. If there is a downside break below $0.2400 and the trend line, the price might extend its decline.
The next support is near the $0.2380 level. It coincides with the 50% Fib retracement level of the recent upward move from the $0.2293 low to $0.2464 high.
The key support is near the $0.2320 level, below which the price might struggle to remain in a positive zone in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level, with positive signs.
Major Support Levels – $0.2400, $0.2380 and $0.2320.
Major Resistance Levels – $0.2450, $0.2500 and $0.2550.
