[ad_1]
Ripple found support near $ 0.2320 and rallied higher above $ 0.2380 against the US dollar. The XRP price is consolidating the gains and could rise towards $ 0.2500.
- Ripple recovered well above the $ 0.2350 and $ 0.2380 resistance levels against the US dollar.
- The price is now trading above the $ 0.2400 resistance and the 100-hour simple moving average.
- There has been a break above a key bearish trend line with resistance near $ 0.2400 on the XRP / USD hourly chart (data source Kraken).
- The pair is likely to continue rising if it breaks out of the $ 0.2420 resistance zone.
The ripple price shows positive signs
Last week, we saw a sharp decline in ripple below the $ 0.2400 support area. The XRP price even broke the $ 0.2350 support and the 100-hour simple moving average. It has been trading as low as $ 0.2310 and has recently started a solid wave of recovery.
There was a break above the $ 0.2350 and $ 0.2380 resistance levels. The price even climbed above the 50% Fib retracement level of the downward move from the high of $ 0.2472 to the low of $ 0.2310.
More importantly, there was a break above a key bearish trend line with resistance near $ 0.2400 on the XRP / USD hourly chart. The price is now trading above the $ 0.2400 resistance and the 100-hour simple moving average.
Source: XRPUSD on TradingView.com
An initial obstacle to the upside is near the $ 0.2420 level. The next resistance is near the 76.4% Fib retracement level of the downside move from the high $ 0.2472 to the low $ 0.2310. If there is a clear break above the $ 0.2420 and $ 0.2450 resistance levels, there is a risk of further upside towards the $ 0.2480 and $ 0.2500 resistance levels.
Key holders for XRP
The first key support for ripple is near the $ 0.2400 level and the broken trend line. The next key support is forming near the $ 0.2380 zone.
A successful break below the support level of $ 0.2380 could put a lot of pressure on the bulls. In the stated case, the price could revisit the $ 0.2320 support zone.
Technical indicators
Hourly MACD – The MACD for XRP / USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently pending and is above the 50 level.
Major Support Levels: $ 0.2400, $ 0.2380 and $ 0.2320.
Major Resistance Levels: $ 0.2420, $ 0.2450, and $ 0.2500.
