Ripple stared a strong rise from the $0.2460 support area against the US Dollar. XRP price rallied around 8% and it seems like it could soon climb towards $0.3000.
- Ripple price is up around 8% and it broke the $0.2700 resistance area against the US dollar.
- The price traded to a new 2020 high at $0.2760 and it is currently consolidating gains.
- There was a break above a couple of breakout zones at $0.2520 and $0.2650 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue higher towards the $0.2850 and $0.2920 resistance levels in the near term.
Ripple Price Rally Isn’t Over Yet
After forming a support base above the $0.2460 level, ripple started a strong rise. XRP price broke many important hurdles near $0.2500 and $0.2550 to move into a solid bullish zone.
Furthermore, there was a close above the $0.2550 level and the 100 hourly simple moving average. More importantly, there was a break above a couple of breakout zones at $0.2520 and $0.2650 on the hourly chart of the XRP/USD pair.
Finally, the price rallied above the $0.2700 level and traded to a new yearly high at $0.2760. It is currently consolidating gains above the $0.2700 area.
Ripple is also holding the 23.6% Fib retracement level of the recent rally from the $0.2473 low to $0.2760 high. Additionally, it seems like ripple is trading inside another breakout pattern with resistance near $0.2720.
A successful break above the $0.2720 resistance level might spark another rally. In the mentioned case, the price is likely to climb above the $0.2760 high. The next key resistance is near the $0.2850 level, above which the bulls are likely to aim a larger rally towards the $0.3000 barrier in the near term.
Dips Remain Supported
If ripple fails to stay above the $0.2700 support, it could extend its correction. The next major support is near the $0.2620 level. It coincides with the 50% Fib retracement level of the recent rally from the $0.2473 low to $0.2760 high.
Any further losses may perhaps push the price back into a bearish zone below $0.2620. The next major support is near the $0.2580 level since it is near the 61.8% Fib area of the same rally.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is showing many positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it is well above the 60 level.
Major Support Levels – $0.2700, $0.2650 and $0.2620.
Major Resistance Levels – $0.2720, $0.2760 and $0.2850.
