Ripple traded to a new monthly high above $0.2400 against the US Dollar. XRP price is currently up over 8% and it is likely to continue higher towards $0.2500.
- Ripple started a strong increase above the $0.2250 and $0.2320 resistance levels against the US dollar.
- The price traded to a new monthly high at $0.2411 and settled well above the 100 hourly SMA.
- There is a crucial bullish trend line forming with support near $0.2260 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct lower, but dips are likely to find buyers near the $0.2350 and $0.2320 levels.
Ripple Price Could Test $0.25
After bitcoin started a downside correction, ripple gained bullish momentum above the $0.2250 resistance area. XRP price broke a major hurdle near $0.2320 and the 100 hourly simple moving average.
It opened the doors for more gains above the $0.2350 level. The price traded to a new monthly high at $0.2411 and it is currently consolidating gains. An initial support on the downside is near the $0.2380 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.2171 swing low to $0.2411 high.
The first major support is near the $0.2350 level (the recent breakout zone). The next major support is near the $0.2300 level or the 50% Fib retracement level of the recent rally from the $0.2171 swing low to $0.2411 high.
Ripple price breaks $0.2400. Source: TradingView.com
There is also a crucial bullish trend line forming with support near $0.2260 on the hourly chart of the XRP/USD pair. On the upside, the pair could struggle to clear the $0.2420 resistance.
A successful break above the $0.2420 level might open the doors for another leg higher. In the mentioned case, the price is likely to revisit the $0.2500 level in the near term.
Dips Could Be Limited in XRP
On the downside, ripple is likely to find a strong buying interest near the $0.2350 level. The main support is near the trend line, below which the bears might target a test of the $0.2250 level.
Any further losses could start a sustained downward move and the price is likely to test the key $0.2200 support.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 60 level.
Major Support Levels – $0.2380, $0.2350 and $0.2300.
Major Resistance Levels – $0.2400, $0.2420 and $0.2500.
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