Ripple extended its rally above the $0.2200 resistance against the US Dollar. XRP price is showing many positive signs and it could continue to rise towards $0.2500 or $0.2600. Ripple price is up close to 10% and it climbed above the $0.2300 level against the US dollar. It tested the $0.2350 resistance and currently consolidating gains. There is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair remains in a nice uptrend and it could continue to rise towards the $0.2500 resistance level. Ripple Price Breaks Key Hurdle This week, there was a strong uptrend in ripple above the $0.2000 resistance. Yesterday’s XRP price fueled bitcoin and it rallied more than 15% to test the $9,000 resistance level today. XRP price is following a nice uptrend and it recently surged above the $0.2200 and $0.2300 resistance levels. The bulls even pushed the price towards the $0.2350 resistance, with a strong close above the 100 hourly simple moving average. A new monthly high is formed near $0.2356 and the price is currently consolidating gains. An initial support is near the $0.2285 level. It is close to the 23.6% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high. Moreover, there is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair. If ripple fails to stay above the $0.2280 support level, there could be an extended decline. Ripple Price The next major support is seen near the $0.2200 level or the 50% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high. Any further losses could lead the price towards the $0.2120 support or even 100 hourly simple moving average. More Upsides? Ripple is clearly trading in a strong uptrend above the $0.2280 support area. On the upside, an initial resistance is near the $0.2350 level. If there is a clear break above the $0.2350 resistance and the $0.2356 high, the price could continue to rise towards the $0.2500 resistance. The next major hurdle above $0.2500 is near the $0.2600 level. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly reducing its current bullish slope. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the 80 level. Major Support Levels – $0.2280, $0.2200 and $0.2120. Major Resistance Levels – $0.2350, $0.2420 and $0.2500. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.
by Aayush Jindal on April 30, 2020 at 11:18AM
by Aayush Jindal on April 30, 2020 at 11:18AM
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