Ripple began a sharp surge after basing it above $ 0.2550 against the US dollar. XRP price is currently recovering and should continue to climb towards $ 0.3500.
- The ripple is up over 15% and is showing many positive signs above $ 0.3000 against the US dollar.
- The price broke many hurdles near $ 0.2880 and the simple moving average of 100 (4 hours).
- On the 4-hour chart of the XRP / USD pair (data source from Kraken) there was a break above a critical contraction triangle with resistance near USD 0.2825.
- The pair is likely to accelerate towards the $ 0.3400 and $ 0.3600 resistance levels in the short term.
Ripple’s XRP award is gaining momentum
For the past few days, Ripple’s XRP price has formed a strong support base above $ 0.2550 and $ 0.2650. As a result, the price soared and broke many key hurdles near $ 0.2800 and $ 0.2820.
There was also a break above a key contraction triangle with resistance near $ 0.2825 on the 4-hour chart for the XRP / USD pair. It opened the doors to further gains above the $ 0.3000 level and the simple moving average of 100 (4 hours).
Source: XRPUSD on TradingView.com
The price broke the 50% fib retracement level of the downward move from the high of $ 0.3685 to the low of $ 0.2589. XRP is up over 15%, outperforming Bitcoin and Ethereum.
Immediate resistance is near the USD 0.3420 zone. It is close to the 76.4% Fib retracement level of the downward move from the high of $ 0.3685 to the low of $ 0.2589. A successful close above the $ 0.3420 level could accelerate gains and the price could move towards $ 0.3550 and $ 0.3600. Further gains could move the price towards $ 0.4000.
Fresh dips in XRP?
If the ripple starts a bearish correction, it could find support near the $ 0.3120 level. The first big support is near the $ 0.3000 level where the bulls are likely to take a stand.
A large breakdown zone appears to be forming near the USD 0.2820 level and the simple moving average of 100 (4 hours). A break below $ 0.2820 and $ 0.2800 could push the price into bearish zone in the short term.
4 Hour MACD – The MACD for XRP / USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 50 level.
Major support levels – $ 0.3120, $ 0.3000, and $ 0.2820.
Main Resistance Levels – $ 0.3350, $ 0.3420, and $ 0.3550.