Ripple remained in a positive zone above the $0.2500 support against the US Dollar. XRP price is likely to rally further if it clears the main $0.2600 resistance.
- Ripple started following a nice bullish path above the $0.2450 resistance against the US dollar.
- The price is now trading well above $0.2500 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.2550 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could rally 5%-10% if it clears the main $0.2600 resistance in the near term.
Ripple Price Testing Key Resistance
In the past few days, there was a steady rise in ripple above the $0.2450 resistance level. XRP settled above the $0.2500 resistance level and the 100 simple moving average (4-hours) to move into a positive zone.
The price even climbed above the $0.2550 level, but the bulls seem to be facing a strong resistance near the $0.2600 level. The recent high was formed near $0.2601 and the price is currently consolidating gains.
An initial support is near the $0.2555 level. It is close to the 23.6% Fib retracement level of the recent wave from the $0.2405 low to $0.2601 high. There is also a major bullish trend line forming with support near $0.2550 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
The next major support is near the $0.2500 level. The mentioned support coincides with the 50% Fib retracement level of the recent wave from the $0.2405 low to $0.2601 high.
On the upside, the $0.2590 and $0.2600 levels are major hurdles. A successful close above the $0.2600 resistance could open the doors for a fresh rally. The next major resistance for the bulls might be near the $0.2680 and $0.2700 levels.
Dips Likely To Be Supported in XRP
If ripple starts a downside correction, the trend line support at $0.2500 is likely to act as a strong support. The next key support is near the $0.2500 level.
Any further losses could lead the price towards $0.2450 or the 100 simple moving average (4-hours). In the stated case, there is a risk of a trend invalidation and a drop towards the $0.2400 level.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is about to move into the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level, with positive signs.
Major Support Levels – $0.2550, $0.2500 and $0.2450.
Major Resistance Levels – $0.2590, $0.2600 and $0.2700.