Technicals Suggest Ripple (XRP) is Setting Up For Another Rally To $0.32

The ripple rose more than 30% in the past week and rose above USD 0.3000 against the US dollar. The XRP price fell below $ 0.3250, but technical data suggests another surge above $ 0.3150.

  • The ripple price rose against the US dollar above the resistance levels of $ 0.3000 and $ 0.3150.
  • The price fell more than 20%, but the slumps remained well supported above $ 0.2500.
  • An important bullish trendline is forming on the 4-hour chart of the XRP / USD pair (Kraken data source) with support near USD 0.2780.
  • The pair is likely to prepare for the next rally above the USD 0.3000 resistance area.

The ripple price could go above $ 0.30

Last week there was a sharp surge in ripple above $ 0.3000 after the rally of Bitcoin and Ethereum. The price even rose above the resistance of $ 0.3120 and was well above the simple moving average of 100 (4 hours).

It hit a new multi-week high at $ 0.3255 before crashing more than 20%. There was a sharp drop below the $ 0.3000 support zone. The price even dropped below the $ 0.2800 support level, but the slumps remained well supported near the $ 0.2500 level.

The 4-hour chart of the XRP / USD pair also forms an important bullish trend line with support near $ 0.2780. A swing low was formed near $ 0.2401 and the price recently started to rise again. There was a pause above $ 0.2800 plus the 50% fib retracement level from the recent crash, from a high of $ 0.3255 to a low of $ 0.2400.

Ripple (XRP)

Ripple (XRP) price trades near $0.2000. Source: TradingView.com

The price is now testing the 61.8% fib retracement level of the recent crash, from the high of $ 0.3255 to the low of $ 0.2400. There is strong resistance on the upside near the $ 0.3000 level. A successful close above $ 0.3000 could open the door to further profits.

The next major resistance is near the $ 0.3120 level, above which the price is expected to rise toward the $ 0.3200 and $ 0.3250 levels in upcoming sessions.

Disadvantages that are likely to be limited in XRP

If there is another downward correction, the ripple is likely to find support near $ 0.2850. Trendline support near $ 0.2800 also holds the key under which the bulls could fight.

If there is a bearish closing price below trendline support, the price could widen its decline to support levels of $ 0.2650 and $ 0.2600.

Technical indicators

4 Hour MACD – The MACD for XRP / USD will gain strength in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is still well above the 50 level.

Major support levels – $ 0.2850, $ 0.2800, and $ 0.2650.

Major resistance levels – $ 0.3000, $ 0.3050 and $ 0.3120.



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