Ripple is up over 10% and it spiked above $0.3000 against the US Dollar. XRP price is showing positive signs and it is likely to continue higher towards $0.3100 and $0.3200.
- Ripple is showing a few bullish signs above $0.2700 and $0.2800 against the US dollar.
- The price is trading nicely above the 100 simple moving average (4-hours), but it is facing hurdles near $0.3000.
- There was a break above a major bearish trend line with resistance near $0.2700 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise towards $0.3200 if there is a close above the $0.3000 level.
Ripple’s XRP Price Surges 10%
After forming a base above the $0.2500 level, ripple’s XRP price started a fresh increase. The price settled above the $0.2650 level to move into a short-term bullish zone.
Recently there was a decent upward move in bitcoin and Ethereum, opening the doors for a surge in XRP above $0.2720. There was also a break above a major bearish trend line with resistance near $0.2700 on the 4-hours chart of the XRP/USD pair.
The pair rallied above $0.2800 and the 100 simple moving average (4-hours). The price even spiked above the 61.8% Fib retracement level of the downward move from the $0.3305 swing high to $0.2396 low.
Source: XRPUSD on TradingView.com
However, the price failed to surpass the main $0.3100 resistance level. It also failed near the 76.4% Fib retracement level of the downward move from the $0.3305 swing high to $0.2396 low. The price is currently dipping, but there are high chances of a fresh increase above $0.3000.
A close above the $0.3000 level may possibly increase the chances of a push above the $0.3100 resistance. The next major resistance is near the $0.3200 level.
Fresh Dip in XRP?
If ripple fails to climb back above $0.3000, it could correct lower. An initial support is near the $0.2800 level and the 100 SMA (H4).
A downside break below the $0.2800 support zone could open the doors for a push towards the $0.2700 support. The next major support is near the $0.2620 level and the broken trend line.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Levels – $0.2800, $0.2700 and $0.2620.
Major Resistance Levels – $0.3000, $0.3100 and $0.3200.
by Aayush Jindal on January 29, 2021 at 12:48PM
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