Ripple Price (XRP) Rallies 5% While BTC And ETH Decline
- Ripple price is gaining bullish momentum above the $0.2600 resistance area against the US dollar.
- The price is up around 5% and it recently broke the $0.2650 resistance area.
- There is a connecting bullish trend line forming with support near $0.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains supported on dips and it could continue to rise towards the $0.2720 resistance.
Ripple price is rallying towards $0.2720 against the US Dollar, while bitcoin and Ethereum are sliding. XRP price might continue to rise towards $0.2720 or $0.2750.
Ripple Price Analysis
This past week, ripple price made many attempts to surpass the $0.2620 and $0.2650 resistance levels against the US Dollar. However, the XRP/USD pair failed to climb above $0.2650 and traded in a range. Finally, the bulls had an upper hand and the price rallied recently after forming a base near $0.2550. There was a sharp rise above the $0.2600 resistance and the 100 hourly simple moving average.
Moreover, the price broke the $0.2620 and $0.2650 resistance levels. It opened the doors for more gains and the price traded towards the $0.2700 level. A high was formed near $0.2691 and the price is currently retreating from highs. An immediate support is near the $0.2650 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $0.2514 low to $0.2691 high.
On the downside, there are many supports near the $0.2620 and $0.2600 levels. Additionally, the 50% Fib retracement level of the recent rally from the $0.2514 low to $0.2691 high is near $0.2600. More importantly, there is a connecting bullish trend line forming with support near $0.2550 on the hourly chart of the XRP/USD pair. Therefore, dips from the current levels might find bids near $0.2620 or $0.2600.
The main support is near the $0.2550 level (the previous support base). On the upside, an immediate resistance is near the $0.2700 level. If there is an upside break above $0.2700, the price could test $0.2720 or even $0.2750 in the near term.
Looking at the chart, ripple price is clearly surging with a positive bias above $0.2620. There are high chances of it extending gains above the $0.2700 and $0.2720 resistance levels in the coming sessions. Conversely, if there is a downside correction, the bulls might protect the $0.2650 and $0.2620 levels (the previous resistance levels).
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 60 level, with bullish signs.
Major Support Levels – $0.2650, $0.2620 and $0.2550.
Major Resistance Levels – $0.2700, $0.2720 and $0.2750.
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Aayush Jindal, Khareem Sudlow
