Ripple (XRP) Gains Traction Following Ethereum’s Rise: $0.30 Seems Key Hurdle
Ripple is rising and it is gaining bullish momentum above $0.2880 against the US Dollar. XRP price is likely to test the $0.3000 barrier, considering the recent sharp rise in Ethereum.
- Ripple is showing a lot of positive signs above the $0.2850 and $0.2880 levels against the US dollar.
- The price is testing the $0.2920 resistance and it is well above the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $0.2830 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise towards the $0.3000 level as long as it is above $0.2850.
Ripple Price Jumps Above $0.2900
Ethereum started a strong increase above $240, leading bitcoin and ripple higher. XRP broke the main $0.2850 resistance and settled nicely above the 100 hourly simple moving average to move into a positive zone.
To start the rise, there was a break above a key bearish trend line with resistance near $0.2830 on the hourly chart of the XRP/USD pair. The upward move was such that the price surpassed the $0.2880 and $0.2900 levels.
A high is formed near $0.2921 and it is currently consolidating gains. An initial support is near the $0.2880 level. It is close to the 23.6% Fib retracement level of the recent wave from the $0.2787 low to $0.2921 high.
Ripple price trades above $0.2900. Source: TradingView.com
The first major support is near the $0.2850 level (the recent breakout zone). It is close to the 50% Fib retracement level of the recent wave from the $0.2787 low to $0.2921 high.
On the upside, ripple price is facing a short-term hurdle near the $0.2920 level. A clear break above the $0.2920 resistance could open the doors for a larger rally towards the $0.2980 and $0.3000 levels. The next major hurdle for the bulls could be near $0.3120.
Downside Correction in XRP?
If ripple struggles to clear the $0.2920 resistance, there could be a downside correction. However, the $0.2850 and $0.2840 levels are now important supports for the bulls.
Any further losses are likely to lead the price below the $0.2800 level. The next major support for the bulls is near the $0.2765 level and the 100 hourly simple moving average.
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is climbing and it is above the 60 level.
Major Support Levels – $0.2880, $0.2850 and $0.2840.
Major Resistance Levels – $0.2920, $0.2980 and $0.3000.