Charted: Ripple (XRP) Smashes $0.30, Why Pullbacks Could Be Limited
Ripple surged over 12% and it even broke the $0.3000 resistance against the US Dollar. XRP price is currently trading near $0.3010 and dips might be limited in the near term.
- Ripple started a strong rally after it settled above the $0.2650 resistance against the US dollar.
- The price even cleared the $0.3000 resistance and settled well above the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.2700 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a downside correction if it fails to clear the $0.3040 resistance zone.
Ripple’s XRP Price Rallies 12%
In the past 2-3 sessions, there was a sharp increase in ripple’s XRP price above the $0.2650 resistance zone. The price gained pace above $0.2800 and settled well above the 100 simple moving average (4-hours).
The upward move gained pace above the $0.2850 and $0.2920 levels. Finally, the price spiked above the $0.3000 resistance and traded to a new multi-week high at $0.3030. The price is now consolidating gains above the $0.2950 and $0.2960 levels.
An initial support is near the $0.2940 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.2647 low to $0.3030 high. The next major support is near the $0.2850 level.
Source: XRPUSD on TradingView.com
The 50% Fib retracement level of the recent rally from the $0.2647 low to $0.3030 high is also near the $0.2835 level to provide support. More importantly, there is a major bullish trend line forming with support near $0.2700 on the 4-hours chart of the XRP/USD pair.
On the upside, the price is clearly facing a huge resistance near $0.3030 and $0.3040. If there is a successful break above the $0.3040 resistance zone, the price might surge towards the $0.3120 and $0.3150 levels in the near term.
Dips Limited in XRP?
If ripple fails to clear the $0.3030 and $0.3040 support levels, there could be a downside correction. The first key support is near the $0.2850 level.
The next major support is near the $0.2770 level (a multi-touch zone). Overall, dips towards the $0.2850 and $0.2770 levels are likely to find a strong buying interest in the near term.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 65 level.
Major Support Levels – $0.2940, $0.2850 and $0.2770.
Major Resistance Levels – $0.3000, $0.3040 and $0.3050.
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow