Ripple (XRP) Price Rally Runs Into Significant Resistance: $0.255 Holds The Key
Ripple is up over 6% and it climbed higher above the $0.2450 resistance against the US Dollar. XRP price is still struggling to clear the key $0.2550 resistance zone.
- Ripple gained bullish momentum and surged above $0.2450 against the US dollar.
- The price ran into the main $0.2550 resistance and settled above the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $0.2420 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to resume its upward move as long as it is above the $0.2400 support zone.
Ripple Price is Showing Positive Signs
After a sustained bearish wave, ripple found support near the $0.2295 level. XRP price formed a support base above $0.2300 and recently started a strong upward move.
There was a clear break above the $0.2380 resistance and the 100 hourly simple moving average to start the current increase. There was also a break above a key bearish trend line with resistance near $0.2420 on the hourly chart of the XRP/USD pair.
Ripple gained bullish momentum and surged above the $0.2450 resistance level. The price even climbed above $0.2520, but it ran into a major resistance at $0.2550.
A high is formed near $0.2544 and it is currently correcting lower. There was a break below the $0.2500 support. The price is trading below the 23.6% Fib retracement level of the recent wave from the $0.2321 low to $0.2544 high.
Ripple price rallies above $0.2500. Source: TradingView.com
The first major support is forming near the $0.2440 level or the 50% Fib retracement level of the recent wave from the $0.2321 low to $0.2544 high. On the upside, the price is facing a crucial resistance near $0.2550.
To start a strong upward move, the price must surpass the $0.2540 and $0.2550 resistance levels. The next key resistance is near the $0.2620 level or $0.2650.
False Rally in XRP?
If ripple fails to continue higher above $0.2540, there are chances of a fresh decline. An initial support on the downside is near the $0.2475 level.
The key support for the bulls is near the $0.2440 level. A clear break below the $0.2440 support might increase pressure on the bulls. In the stated case, the price might revisit the $0.2380 support.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 60 level.
Major Support Levels – $0.2475, $0.2440 and $0.2400.
Major Resistance Levels – $0.2540, $0.2550 and $0.2620.
OhNoCrypto
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Aayush Jindal, @KhareemSudlow
