Technicals Point Towards Ripple (XRP) Increase To $0.27 Despite Some Roadblocks
Ripple is gaining pace above the $0.2500 resistance against the US Dollar. It seems like XRP is aiming a run towards the $0.2700 resistance level as long as it is above $0.2400.
- Ripple is showing positive signs above the $0.2450 and $0.2500 levels against the US dollar.
- The price traded to a new weekly high at $0.2580 and it settled above the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $0.2460 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is correcting gains, but dips are likely to find bids near $0.2480 and $0.2450.
Ripple Price Showing Positive Signs
After forming a base above the $0.2400 level, ripple started an increase above the $0.2450 resistance. XRP price broke the $0.2480 resistance level and settled above the 100 hourly simple moving average.
To start the recent increase, there was a break above a major bearish trend line with resistance near $0.2460 on the hourly chart of the XRP/USD pair. The pair surged above the $0.2500 resistance level and traded to a new weekly high at $0.2580.
It is currently correcting lower and trading below the $0.2550 level. There was a break below the 23.6% Fib retracement level of the recent increase from the $0.2372 low to $0.2580 high.
Ripple price trades above $0.2500. Source: TradingView.com
On the downside, there is a strong support forming near the $0.2475 level (the recent breakout zone). The 50% Fib retracement level of the recent increase from the $0.2372 low to $0.2580 high is also near the $0.2475 level to act as a support.
If ripple stays above the $0.2475 support, it is likely to resume its upside. An initial resistance is near the $0.2540 level. The first major resistance is near the $0.2580 level, above which the price might accelerate higher towards the $0.2620 resistance or even $0.2700.
Bearish Move in XRP?
If ripple fails to clear the $0.2540 and $0.2580 resistance levels, there could be a bearish reaction. An initial support on the downside is near the $0.2475 zone.
The main support is forming near the $0.2450 level, the broken trend line, and the 100 hourly simple moving average. A close below the $0.2450 support might lead the price towards the $0.2400 support.
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower and it is near the 60 level.
Major Support Levels – $0.2475, $0.2450 and $0.2440.
Major Resistance Levels – $0.2540, $0.2580 and $0.2620.