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The price of the ripple is back to swell recently and has broken resistance of $ 0.3210 against the US dollar. The XRP / USD could continue to rise towards $ 0.3750 and $ 0.3800 in the short term.
Key Takeaways:
- The price of ripple broke through many barriers and exceeded the resistance from $ 0.2980 and $ 0.3210.
- The buyers pushed the price above the two main bearish trend lines to $ 0.2890 and $ 0.2900 on the 2-hour chart.
- The XRP is currently trading strongly and could accelerate towards $ 0.3750 or $ 0.3800.
Price analysis of undulations
After a slow and steady decline, the ripple price found support near the $ 0.2800 zone compared to the US dollar. Subsequently, the XRP / USD recovered and formed a support base above the $ 0.2850 level.
The 2-hour chart indicates that the price has started a solid uptrend and has broken many obstacles, starting with $ 0.2980 and the simple moving average at 100 (2 hours). He clarified the path for further gains and the price has rallied over the resistance of $ 0.3040.
More importantly, there was a break above two key bearish trend lines at $ 0.2890 and $ 0.2900 on the same chart. The rally was positive because there was a pause and closed above the resistance zone from $ 0.3205 to 0.3210.
A high was formed at $ 0.3418 and the price was subsequently adjusted below the Fib retracement level at 23.6% of the recent rally, from $ 0.2846 downwards to $ 0.3418 at the top. However, the previous resistance near the $ 0.3210 level acted as support and prevented further dips.
The price is currently following a rising channel with support for $ 0.3250. If there is a downward rupture under channel support, the price may even cease to support $ 0.3210.
The next support is close to the $ 0.3130 level and the Fibra 50% retracement level of the recent rally from the low of $ 0.2846 to $ 0.3418 high. On the upside, initial resistance is close to $ 0.3350, above which the price should exceed $ 0.3418 and $ 0.3550.
The current price action is positive over $ 0.3130 for ripple. If the XRP continues to gain strength, there is a high chance of testing resistance levels of $ 0.3750 or $ 0.3800 in the short term.
Summary
Item name
Price analysis of the ripple Dec 18: XRP could accelerate higher at $ 0.3800
Description
The price of the ripple is back to swell recently and has broken resistance of $ 0.3210 against the US dollar. The XRP / USD could continue to rise towards $ 0.3750 and $ 0.3
Author
Latika Mehrotra
Publisher name
Coingape
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