Charted: Ripple (XRP) Signaling Bullish Breakout, Why It Could Retest $0.35
Ripple is holding gains above $0.2800 against the US Dollar. XRP price is likely to accelerate higher towards $0.3500 once it clears the $0.3100 resistance zone.
- Ripple is showing a few positive signs above $0.2800 and $0.2680 against the US dollar.
- The price is facing a major hurdle at $0.3100, but it is above the 100 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $0.3000 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to accelerate higher towards $0.3500 once it clears $0.3100.
Ripple’s XRP Price is Showing Positive Signs
There was a sharp increase in ripple’s XRP price after it broke the $0.3000 resistance. The price climbed above the $0.3100 and $0.3200 resistance levels, but it struggled near the $0.3300 level.
A high was formed near $0.3302 before the price corrected lower. It broke the $0.3100 support and even spiked below $0.3000. However, the bulls defended the $0.2800 zone and the 100 simple moving average (4-hours). A low is formed near $0.2811 and the price is currently consolidating in a range.
It recovered above the 23.6% Fib retracement level of the downward move from the $0.3302 high to $0.2811 low. There is a key contracting triangle forming with resistance near $0.3000 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
The triangle resistance is close to the 50% Fib retracement level of the downward move from the $0.3302 high to $0.2811 low. A successful break above the triangle resistance may possibly call for a break above the $0.3100 resistance.
A successful close above $0.3000 and $0.3100 could open the doors for a steady increase. The next hurdle could be $0.3300, above which the price could test $0.3500.
Fresh Dip in XRP?
If ripple fails to break the $0.3000 and $0.3100 resistance levels, it could correct lower. The first major support is near the $0.2880 zone and the 100 SMA (H4).
A downside break below the triangle trend line, $0.2850, and the 100 SMA (H4) could accelerate losses. In the stated case, the price could decline sharply towards the $0.2600 support zone in the near term.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.2880, $0.2850 and $0.2600.
Major Resistance Levels – $0.3000, $0.3100 and $0.3500.
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow
