Ripple (XRP) Above This Confluence Resistance Could Spark Fresh Rally
Ripple retested the $0.2380 support zone against the US Dollar. XRP price is likely to start a fresh rally once it clears the 100 hourly SMA and the $0.2460 resistance region.
- Ripple is recovering higher after tagging the key $0.2380 support zone against the US dollar.
- The price is trading near the $0.2420 resistance and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $0.2430 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must clear the 100 hourly SMA and the $0.2460 resistance to start a fresh rally.
Ripple Price Showing Positive Signs
After a decent upward move above $0.2460, ripple failed to settle above the $0.2500 level. XRP price retreated from the $0.2533 high and declined below the $0.2460 support.
There was a break below a major bullish trend line with support near $0.2430 on the hourly chart of the XRP/USD pair. It traded as low as $0.2377 and remained well bid above the $0.2380 support. The price is currently rising and trading above the $0.2400 level.
It broke the 23.6% Fib retracement level of downward move from the $0.2533 high to $0.2377 low. Ripple price is now trading near the $0.2420 resistance and the 100 hourly simple moving average. The bulls are likely to clear the broken trend line hurdle at $0.2420.
The next resistance is near the $0.2455 level. It is close to the 50% Fib retracement level of downward move from the $0.2533 high to $0.2377 low. The main resistance for the bulls is near the $0.2460 region. A successful close above the $0.2460 region could open the doors for a fresh rally towards $0.2550 or even $0.2620.
Another Failure in XRP?
If ripple fails to clear the $0.2440 and $0.2460 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the $0.2410 level.
The main support is still near the $0.2380 level. A downside break below the $0.2380 support may perhaps start another bearish wave and it could test the $0.2300 support level. Any further losses could push the price towards the $0.2250 support zone.
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is above the 50 level.
Major Support Levels – $0.2410, $0.2380 and $0.2300.
Major Resistance Levels – $0.2440, $0.2460 and $0.2480.