[ad_1]
Ripple was corrected down from $ 0.2640 but found support near $ 0.2510 against the US dollar. The price of XRP is currently on the rise and it appears the bulls are aiming for a new rise above $ 0.2600.
- Ripple remained well-offered above the $ 0.2500 and $ 0.2510 support levels against the US dollar.
- The price is now trading above the $ 0.2550 resistance and the 100-hour simple moving average.
- There has been a break above a major bearish trend line with resistance near $ 0.2555 on the XRP / USD hourly chart (source Kraken).
- The pair is likely to continue rising if it breaks out of the $ 0.2585 and $ 0.2590 resistance levels.
Ripple Price Holding Gain
Last week, we saw a sharp rise in ripple above the $ 0.2500 resistance area. The XRP price even climbed above the $ 0.2600 resistance and settled well above the 100-hour simple moving average.
It was trading at a new monthly high near $ 0.2640 before initiating a downward correction. A break below the support levels of $ 0.2600 and $ 0.2550 has occurred. However, the bulls were able to defend the support zone of $ 0.2500.
A support base appears to be forming near $ 0.2500 and the price is currently rising. There was a break above the $ 0.2550 level. More importantly, there has been a break above a large bearish trend line with resistance near $ 0.2555 on the XRP / USD hourly chart.
Ripple has been trading as low as $ 0.2590 and is currently correcting to the downside. It is testing the $ 0.2565 level and the 100-hour simple moving average. An initial support is near the 50% Fib retracement level of the recent rise from the $ 0.2518 swing low to the $ 0.2590 high.
Source: XRPUSD on TradingView.com
The next major support is near the broken trend line and the 61.8% Fib retracement level of the recent rise from the $ 0.2518 swing low to the $ 0.2590 high. On the upside, the bulls are facing a small hurdle near $ 0.2590.
A successful break above the $ 0.2590 resistance could set the pace for a new rise above $ 0.2600. The next key resistance is near $ 0.2620, above which the price could even break out of the $ 0.2640 zone.
Key holders for XRP
The first key support for ripple is near the $ 0.2550 level and the broken trend line. The next key support is forming near the $ 0.2510 and $ 0.2500 levels.
A successful break below the $ 0.2500 support level could put a lot of pressure on the bulls. In the stated case, the price could eventually drop towards the $ 0.2450 support level.
Technical indicators
MACD Hourly – The MACD for XRP / USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 50 level.
Major Support Levels: $ 0.2550, $ 0.2510, and $ 0.2500.
Major resistance levels: $ 0.2590, $ 0.2600 and $ 0.2620.
