Ripple was up more than 12% and even broke the USD 0.3000 resistance against the US dollar. XRP price is currently trading near USD 0.3010 and the declines may be limited in the near term.
- Ripple started a strong rally after it settled above the USD 0.2650 resistance to the US dollar.
- The price even cleared the USD 0.3000 resistance and settled well above the simple 100 (4-hour) moving average.
- A major bullish trendline is forming with support near USD 0.2700 on the XRP / USD pair’s 4 hour chart (data source from Kraken).
- The pair could start a down correction if it fails to clear the USD 0.3040 resistance zone.
Ripple’s XRP price is up 12%
In the past 2-3 sessions, there has been a sharp rise in the XRP price of ripple above the $ 0.2650 resistance zone. The price soared above $ 0.2800 and well above the 100 simple (4 hour) moving average.
The upward move won faster than the USD 0.2850 and USD 0.2920 levels. Finally, the price spiked above the USD 0.3000 resistance and traded towards a new multi-week high at USD 0.3030. The price is now consolidating gains above the USD 0.2950 and USD 0.2960 levels.
An initial support is near USD 0.2940. It is close to the 23.6% Fib retracement level of the recent rally from the low of $ 0.2647 to the high of $ 0.3030. The next great support is near the USD 0.2850 level.
Source: XRPUSD on TradingView.com
The 50% Fib retracement level of the recent rally from the low of USD 0.2647 to the high of USD 0.3030 is also near the USD 0.2835 level to provide support. More importantly, a large bullish trendline is forming with support near USD 0.2700 on the XRP / USD pair’s 4-hour chart.
On the upside, the price is clearly facing a massive resistance near USD 0.3030 and USD 0.3040. If there is a successful break above the USD 0.3040 resistance zone, the price could climb towards USD 0.3120 and USD 0.3150 in the near term.
Dips limited in XRP?
If Ripple fails to clear the USD 0.3030 and USD 0.3040 support levels, there could be a downside correction. The first major support is near the USD 0.2850 level.
The next major support is near USD 0.2770 (a multi-touch zone). Overall, declines towards USD 0.2850 and USD 0.2770 are likely to get strong buying interest in the near term.
4-Hours MACD – The MACD for XRP / USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 65 level.
Key Support Levels – USD 0.2940, USD 0.2850 and USD 0.2770.
Key Resistance Levels – USD 0.3000, USD 0.3040 and USD 0.3050.