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Ripple was up over 12% and even broke the $ 0.3000 resistance against the US dollar. The XRP price is currently trading close to $ 0.3010 and the drops may be limited in the short term.
- Ripple started a strong rally after stabilizing above the $ 0.2650 resistance against the US dollar.
- The price even broke above the $ 0.3000 resistance and stood well above the simple moving average of 100 (4 hours).
- There is a large bullish trend line forming with support near $ 0.2700 on the 4-hour chart of the XRP / USD pair (source Kraken).
- The pair could initiate a bearish correction if it fails to break out of the $ 0.3040 resistance zone.
Ripple’s XRP Price Rises 12%
In the last 2-3 sessions, there has been a sharp rise in the ripple XRP price above the $ 0.2650 resistance zone. The price gained pace above $ 0.2800 and stood well above the simple moving average of 100 (4 hours).
The upward movement gained pace above the $ 0.2850 and $ 0.2920 levels. Finally, the price rose above the $ 0.3000 resistance and was trading at a new multi-week high at $ 0.3030. The price is now consolidating gains above the $ 0.2950 and $ 0.2960 levels.
Initial support is near the $ 0.2940 level. 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 major support is near the $ 0.2850 level.
Source: XRPUSD on TradingView.com
The 50% Fib retracement level of the recent rally from the low of $ 0.2647 to the high of $ 0.3030 is also close to the $ 0.2835 level to provide support. More importantly, there is a large bullish trend line forming with support near $ 0.2700 on the 4-hour chart of the XRP / USD pair.
On the upside, the price is clearly facing huge resistance near $ 0.3030 and $ 0.3040. If a successful break above the $ 0.3040 resistance zone occurs, the price could rise towards the $ 0.3120 and $ 0.3150 levels in the short term.
Dips Limited in XRP?
If Ripple fails to break out of the support levels of $ 0.3030 and $ 0.3040, there may be a downward correction. The first key support is near the $ 0.2850 level.
The next major support is near the $ 0.2770 level (a multi-touch zone). Overall, declines to the $ 0.2850 and $ 0.2770 levels are likely to find strong buying interest in the near term.
Technical indicators
4-hour MACD – The MACD for XRP / USD is now gaining pace in the bullish zone.
4-hour RSI (relative strength index) – The RSI for XRP / USD is currently well above the 65 level.
Major Support Levels: $ 0.2940, $ 0.2850 and $ 0.2770.
Major resistance levels: $ 0.3000, $ 0.3040 and $ 0.3050.
