Ripple is forming a strong support base above the $0.2800 level against the US Dollar. XRP price is showing positive signs and it seems like it could rally above the $0.3100 and $0.3200 levels.
- Ripple is rising again after forming a major support base above $0.2800 against the US dollar.
- The price is currently trading above the $0.3000 level and the 100 SMA (H4).
- There was a break above a major bearish trend line with resistance near $0.2990 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise towards the main $0.3200 resistance level in the near term.
Ripple Price Is Gaining Momentum
After a substantial downside correction, ripple found support near the $0.2800 level. The price started a fresh and steady increase above the $0.2850 and $0.2920 resistance levels.
The upward move was positive, with a close above the $0.2920 level and the price is now trading well above the 100 simple moving average (4-hours). There was also a break above the 50% Fib retracement level of the downward move from the $0.3200 swing high to $0.2789 swing low.
More importantly, there was a break above a major bearish trend line with resistance near $0.2990 on the 4-hours chart of the XRP/USD pair. The pair is now trading nicely above the $0.3000 level.
Ripple (XRP) price trades above $0.3000. Source: TradingView.com
An immediate resistance is near the $0.3050 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.3200 swing high to $0.2789 swing low. A successful break above the $0.3050 level could open the doors for more gains above the $0.3120 and $0.3150 levels.
The main hurdle is near the $0.3200 level, above which the bulls are likely to aim a larger rally in the near future towards the $0.3500 and $0.3600 levels.
Downsides Likely To Be Limited in XRP
On the downside, the first major support is near the $0.2920 level. If ripple fails to continue higher above $0.3050, there is a risk of a bearish wave.
The main support is near the $0.2800 level, below which the price may perhaps start a steady decline towards the $0.2650 level in the coming days.
4-Hours MACD – The MACD for XRP/USD is now gaining strength in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Levels – $0.2950, $0.2920 and $0.2800.
Major Resistance Levels – $0.3050, $0.3120 and $0.3200.
Credit: Source link