The ripple is up over 10% and is up over $ 0.3000 against the US dollar. XRP price is showing positive signs and is likely to continue rising towards $ 0.3100 and $ 0.3200.
- Ripple is showing some bullish signs above $ 0.2700 and $ 0.2800 against the US dollar.
- The price is trading well above the simple moving average of 100 (4 hours) but is facing hurdles near $ 0.3000.
- The 4-hour chart of the XRP / USD pair (data source from Kraken) broke above a large bearish trendline with resistance near USD 0.2700.
- The pair could continue to advance towards $ 0.3200 if there is a close above the $ 0.3000 level.
Ripple’s XRP Price Up 10%
After Ripple’s XRP price formed a base above the $ 0.2500 level, it rose again. The price was above the $ 0.2650 level to enter a short-term bullish zone.
Recently, Bitcoin and Ethereum have seen a decent upward move that opened the doors for XRP to surge above $ 0.2720. There was also a break above a large bearish trendline with resistance near $ 0.2700 on the 4-hour chart for the XRP / USD pair.
The pair rose above $ 0.2800 and the 4 hour simple moving average of 100. The price even surged above the 61.8% Fib retracement level of the downward move from the high of $ 0.3305 to the low of $ 0.2396.
Source: XRPUSD on TradingView.com
However, the price did not exceed the main resistance level of $ 0.3100. It also failed near the 76.4% fib retracement level of the downward move from the high of $ 0.3305 to the low of $ 0.2396. The price is currently falling but there is a high chance it will rise again above $ 0.3000.
A closing price above the $ 0.3000 level could potentially increase the likelihood of a push above the $ 0.3100 resistance. The next major resistance is near the $ 0.3200 level.
Fresh immersion in XRP?
If the ripple does not fall back above $ 0.3000, it can be corrected lower. Initial support is near the USD 0.2800 level and the SMA of 100 (H4).
A downside break below the USD 0.2800 support zone could open the doors for a push towards the USD 0.2700 support. The next big support is near the $ 0.2620 level and the broken trendline.
4 Hour MACD – The MACD for XRP / USD is picking up pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 50 level.
Key support levels – $ 0.2800, $ 0.2700, and $ 0.2620.
Main Resistance Levels – $ 0.3000, $ 0.3100, and $ 0.3200.