Ripple started a new rally above the $ 1.50 mark against the US dollar. The XRP price should continue to rise once it hits the resistance levels of $ 1.75 and $ 1.80.
- Ripple is gaining uptrend above the $ 1.55 and $ 1.60 resistance levels against the US dollar.
- The price is now trading well above $ 1.50 and the simple moving average of 100 (4 hours).
- On the 4-hour chart of the XRP / USD pair (data source from Kraken) there was a break above a major bearish trendline with resistance near USD 1.58.
- The pair should continue to rise once it breaks the $ 1.75 resistance zone.
Ripple’s XRP price extends the rally
In the past few sessions, Ripple’s XRP was trading with a positive trend above the USD 1.40 support. XRP formed a support base above $ 1.40 and started a new boost, similar to Bitcoin and Ethereum.
The price broke many major barriers near the $ 1.50 level. The XRP / USD pair’s 4-hour chart broke above a major bearish trendline with resistance near $ 1.58. The pair broke the 61.8% fib retracement level of the main downward move from the high of $ 1.97 to the low of $ 0.95.
It is now trading well above $ 1.50 and the simple moving average of 100 (4 hours). XRP is now facing hurdles near the $ 1.73 and $ 1.75 levels.
Source: XRPUSD on TradingView.com
It appears that price is struggling to clear the 76.4% fib retracement level of the main downtrend from the high of $ 1.97 to the low of $ 0.95. A successful break above the USD 1.73 and USD 1.75 resistance levels could trigger another rally.
The next major resistance is near the $ 1.80 level, above which the bulls are likely to aim for a test of the $ 2.0 level in the coming sessions.
Dips Limited in XRP?
If the ripple doesn’t remove the $ 1.75 or $ 1.80 resistance, it can be corrected lower. Initial support on the downside is near the $ 1.52 level.
The next big support is near the $ 1.50 and $ 1.48 levels. If there is a downside pause and breaks below the $ 1.48 level, the price could trigger a significant downward correction. In the specified case, the price is likely to fall towards the USD 1.25 support.
4 Hour MACD – The MACD for XRP / USD is now picking up pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is now above the 60 level.
Major support levels – $ 1.52, $ 1.50, and $ 1.48.
Main Resistance Levels – $ 1.65, $ 1.75, and $ 1.80.