Ripple (XRP) Smashes Key Resistance: Dips Could Be Attractive To The Bulls
Ripple rallied further 4% and it cleared the main $0.2550 resistance against the US Dollar. XRP price is now showing bullish signs, and dips could find strong bids near $0.2500 or $0.2450.
- Ripple extended its rally above the $0.2520 and $0.2550 resistance levels against the US dollar.
- The price traded to a new weekly high at $0.2589 and settled above the 100 simple moving average (4-hours).
- There was a break above a significant bearish trend line with resistance near $0.2425 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could correct lower, but the previous resistance near $0.2550 or $0.2450 could provide support.
Ripple Price Extends Rally
Yesterday, we saw a sharp rise in ripple above the $0.2450 resistance level. XRP even spiked above the $0.2500 resistance and tested the key $0.2550 resistance.
There was also a break above a significant bearish trend line with resistance near $0.2425 on the 4-hours chart of the XRP/USD pair. Later, there was a minor downside correction towards the $0.2450 support level. The bulls remained active above $0.2450, and the price started a fresh rally.
It broke many important hurdles near $0.2500 and $0.2550 to move further into a positive zone. XRP traded to a new weekly high at $0.2589 and settled above the 100 simple moving average (4-hours).
Ripple (XRP) price spikes above $0.2550. Source: TradingView.com
It is currently consolidating gains near the $0.2560 level. An initial support on the downside is near the $0.2550 level. The first key support is near the $0.2520 level or the 23.6% Fib retracement level of the recent rally from the $0.2293 low to $0.2589 high.
On the upside, the $0.2580 and $0.2600 levels are short-term hurdles. A successful close above the $0.2600 resistance could open the doors for more gains towards the $0.2680 and $0.2700 levels in the near term.
Dips Likely To Be Supported in XRP
If ripple starts a downside correction, the $0.2520 level might provide support. The next key support is near the $0.2500 level.
The main support seems to be forming near the $0.2450 level. It is also close to the 50% Fib retracement level of the recent rally from the $0.2293 low to $0.2589 high. Any further losses could lead the price towards $0.2400 or the 100 simple moving average (4-hours).
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level, with overbought conditions.
Major Support Levels – $0.2550, $0.2520 and $0.2450.
Major Resistance Levels – $0.2580, $0.2620 and $0.2700.
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow
