Ripple started a surge after forming a base above USD 0.2550 against the US dollar. XRP price is currently rising and is likely to continue to rise towards USD 0.3500.
- Ripple is up more than 15% and is showing many positive signs above USD 0.3000 against the US dollar.
- The price broke many hurdles near USD 0.2880 and the 100 simple moving average (4 hours).
- There was a break above a critical contractile triangle with resistance near USD 0.2825 on the XRP / USD pair’s 4-hour chart (Kraken data source).
- The pair is likely to accelerate towards the USD 0.3400 and USD 0.3600 resistance levels in the near term.
Ripple’s XRP price is gaining momentum
In recent days, Ripple’s XRP price formed a strong support base above USD 0.2550 and USD 0.2650. As a result, the price started to rally sharply and broke many important hurdles near USD 0.2800 and USD 0.2820.
There was also a break above a crucial contractile triangle with resistance at $ 0.2825 on the XRP / USD pair’s 4-hour chart. It opened the doors for more gains above the USD 0.3000 level and the 100 simple (4 hours) moving average.
Source: XRPUSD on TradingView.com
An immediate resistance is near the USD 0.3420 zone. It is close to the 76.4% Fib retracement level of the downward move from the highest of USD 0.3685 to the lowest of USD 0.2589. A successful close above the USD 0.3420 level could accelerate the rise and the price could climb towards USD 0.3550 and USD 0.3600. Even more gains could push the price towards the USD 0.4000 level.
A refreshing dip in XRP?
If ripple starts a downside correction, it could find support near the USD 0.3120 level. The first major support is near the USD 0.3000 level, where the bulls are likely to take a position.
A major breakdown zone appears to be forming near the USD 0.2820 level and the 100 simple (4 hours) moving average. A break below USD 0.2820 and USD 0.2800 could push the price into a bearish zone in the near term.
4-Hours MACD – The MACD for XRP / USD is gaining momentum 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 – USD 0.3120, USD 0.3000 and USD 0.2820.
Key Resistance Levels – USD 0.3350, USD 0.3420 and USD 0.3550.