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.
Technical indicators
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.
