Ripple was trading at a new monthly high of $ 0.2400 against the US dollar. The XRP price is currently up over 8% and is expected to continue rising towards $ 0.2500.
- Ripple began a sharp surge above the USD 0.2250 and USD 0.2320 resistance levels.
- The price reached a new monthly high of $ 0.2411, well above the 100-hour SMA.
- A key bullish trendline is forming on the hourly chart of the XRP / USD pair (Kraken data source) with support near $ 0.2260.
- The pair could correct lower, but dips are likely to find buyers near the $ 0.2350 and $ 0.2320 levels.
The ripple price could test $ 0.25
After Bitcoin started a downward correction, the ripple picked up over the USD 0.2250 resistance area. The XRP price has broken a big hurdle near $ 0.2320 and the simple 100-hour moving average.
It opened the doors for further gains above the $ 0.2350 level. The price reached a new monthly high of $ 0.2411 and is currently consolidating gains. An initial downward move is close to the $ 0.2380 level. It is close to the 23.6% fib retracement level of the recent rally from the low of $ 0.2171 to the high of $ 0.2411.
The first major support is near the $ 0.2350 level (the most recent breakout zone). The next big support is close to the $ 0.2300 level or the 50% fib retracement level of the recent rally from the low of $ 0.2171 to the high of $ 0.2411.
Ripple price breaks $0.2400. Source: TradingView.com
The XRP / USD pair's hourly chart also has a key bullish trendline with support near $ 0.2260. On the upside, the pair may have difficulty clearing the $ 0.2420 resistance.
A successful break above the $ 0.2420 level could open the doors for another higher leg. In that case, the price is likely to return to the $ 0.2500 level in the near future.
Dips could be limited in XRP
On the other hand, the ripple is likely to find strong buying interest near the $ 0.2350 level. The main support is close to the trend line below which the bears could aim for a test at $ 0.2250 level.
Further losses could trigger a sustained downward move and the price should test the key support of $ 0.2200.
Hourly MACD – The MACD for XRP / USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is well above the level of 60.
Major support levels – $ 0.2380, $ 0.2350 and $ 0.2300.
Major resistance levels – $ 0.2400, $ 0.2420 and $ 0.2500.
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