The ripple has risen by over 2% and shows positive signs above the USD 0.2400 resistance zone against the US dollar. The XRP price should accelerate gains if it clears the $ 0.2500 resistance.
- The ripple price started to consolidate gains after rebounding to $ 0.2500 against the US dollar.
- The price is currently trading well above the support levels of $ 0.2400 and $ 0.2380.
- An important rising channel is forming on the 4-hour chart of the XRP / USD pair (Kraken data source) with support near $ 0.2410.
- The pair remains well supported in the event of a slump and could rise above the $ 0.2500 mark.
Ripple price basing for the next step
This week there was a sharp surge in ripple above $ 0.2320 after the rally of Bitcoin and Ethereum. The price even rose above the resistance of $ 0.2400 and was well above the simple moving average of 100 (4 hours).
It hit a new monthly high of $ 0.2500 and recently started to consolidate gains. There was a slight downward correction below the $ 0.2450 level, but the bulls remained active near the $ 0.2400 support zone.
The XRP even stayed above the 23.6% fib retracement level of the upward move from the low of $ 0.2093 to the high of $ 0.2500. The 4-hour chart of the XRP / USD pair also forms an important rising channel with support near $ 0.2410.
Ripple (XRP) price trades near $0.2450. Source: TradingView.com
Below the trend line, strong support is forming near the $ 0.2380 level. The next major support is near the $ 0.2300 level or the 50% fib retracement level of the upward move from the low of $ 0.2093 to the high of $ 0.2500.
On the upside, the price faces a major hurdle near the $ 0.2500 level. If there is a significant break above the $ 0.250 resistance, the price should accelerate towards the $ 0.2550 and $ 0.2600 levels in the short term.
Disadvantages that are likely to be limited in XRP
Obviously there are many ripple supports near the $ 0.2400 level. Main support is now near the $ 0.2300 level this week's breakout zone.
If there is a bearish pause below the $ 0.2300 support, there is a risk of a sharp decline and the price could hit $ 0.2200 again.
4 Hour MACD – The MACD for XRP / USD is now gaining strength in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is still significantly above the 55 level.
Major support levels – $ 0.2400, $ 0.2380 and $ 0.2300.
Major resistance levels – $ 0.2500, $ 0.2550 and $ 0.2600.
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