Ripple found support near $0.2320 and recovered higher above $0.2380 against the US Dollar. XRP price is consolidating gains and it could rally towards $0.2500.
- Ripple recovered nicely above the $0.2350 and $0.2380 resistance levels against the US dollar.
- The price is now trading above the $0.2400 resistance and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $0.2400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $0.2420 resistance zone.
Ripple Price is Showing Positive Signs
This past week, we saw a sharp decline in ripple below the $0.2400 support area. XRP price even broke the $0.2350 support and the 100 hourly simple moving average. It traded as low as $0.2310 and recently started a solid recovery wave.
There was a break above the $0.2350 and $0.2380 resistance levels. The price even climbed above the 50% Fib retracement level of the downward move from the $0.2472 high to $0.2310 low.
More importantly, there was a break above a key bearish trend line with resistance near $0.2400 on the hourly chart of the XRP/USD pair. The price is now trading above the $0.2400 resistance and the 100 hourly simple moving average.
Source: XRPUSD on TradingView.com
An initial hurdle on the upside is near the $0.2420 level. The next resistance is near the 76.4% Fib retracement level of the downward move from the $0.2472 high to $0.2310 low. If there is a clear break above the $0.2420 and $0.2450 resistance levels, there is a risk of more upsides towards the $0.2480 and $0.2500 resistance levels.
Key Supports For XRP
The first key support for ripple is near the $0.2400 level and the broken trend line. The next key support is forming near the $0.2380 zone.
A successful break below the $0.2380 support level could put a lot of pressure on the bulls. In the stated case, the price may possibly revisit the $0.2320 support zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently riding and it is above the 50 level.
Major Support Levels – $0.2400, $0.2380 and $0.2320.
Major Resistance Levels – $0.2420, $0.2450 and $0.2500.
