Ripple is holding gains above $ 0.2800 against the US dollar. The XRP price is likely to accelerate further to $ 0.3500 after hitting the resistance zone of $ 0.3100.
- Ripple is showing some positive signs above $ 0.2800 and $ 0.2680 against the US dollar.
- The price faces a major hurdle at $ 0.3100 but is above the simple moving average of 100 (4 hours).
- A central contraction triangle is forming on the 4-hour chart of the XRP / USD pair (data source from Kraken) with resistance near USD 0.3000.
- The pair is likely to accelerate higher towards $ 0.3500 once it hits $ 0.3100.
Ripple’s XRP price is showing positive signs
Ripple’s XRP price soared after breaking the $ 0.3000 resistance. The price climbed above the $ 0.3100 and $ 0.3200 resistance levels but struggled near the $ 0.3300 level.
A high was formed near $ 0.3302 before the price was corrected lower. It broke the $ 0.3100 support and even rose below $ 0.3000. However, the bulls defended the $ 0.2800 zone and the simple moving average of 100 (4 hours). A low is being formed near $ 0.2811 and the price is currently consolidating in a range.
It rebounded above the 23.6% Fib retracement level of the downward move from the high of $ 0.3302 to the low of $ 0.2811. A major contraction triangle is forming on the 4-hour chart of the XRP / USD pair with resistance near USD 0.3000.
Source: XRPUSD on TradingView.com
The triangle resistance is close to the 50% fib retracement level of the downward move from the high of $ 0.3302 to the low of $ 0.2811. A successful break above the triangle resistance may require a break above the $ 0.3100 resistance.
A successful close above $ 0.3000 and $ 0.3100 could open the doors for a steady rise. The next hurdle could be $ 0.3300, above which the price could test $ 0.3500.
Fresh immersion in XRP?
If the ripple doesn’t break through the $ 0.3000 and $ 0.3100 resistance levels, it may result in a lower correction. The first major support is near the USD 0.2880 zone and the 100 SMA (H4).
A downside break below the $ 0.2850 triangle trendline and the 100 SMA (H4) could accelerate losses. In the aforementioned case, the price could fall sharply towards the USD 0.2600 support zone in the near future.
4 Hour MACD – The MACD for XRP / USD is showing positive signs in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is now above the 50 level.
Key support levels – $ 0.2880, $ 0.2850, and $ 0.2600.
Main Resistance Levels – $ 0.3000, $ 0.3100, and $ 0.3500.