- Ripple price surged higher and broke a major resistance near $0.2150 against the US Dollar.
- There are two connecting bullish trend lines forming with support at $0.2100 and $0.2010 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to gain pace and it could even break the $0.2250 resistance in the short term.
Ripple price rose sharply recently against the US Dollar and Bitcoin. XRP/USD might extend its gains and could even trade towards $0.2300.
Ripple Price Upside Surge
The past session was excellent for Ripple price as it moved above the $0.2150 resistance against the US Dollar. Yesterday, we discussed that buyers need to gain momentum above $0.2100. There was a nice upside momentum formed and the price was able to break bother $0.2100 and $0.2150. The upside move was such that the price cleared the $0.2200 handle and traded as high as $0.2251.
It seems like the current wave is not over yet and the price might break $0.2250 soon to test $0.2300. If there is a correction, an initial support is around the 23.6% Fib retracement level of the last wave from the $0.2020 low to $0.2251 high. However, the most important support is near $0.2150. It was a resistance earlier, and now buyers are likely to take a stand near $0.2150. Moreover, there are two connecting bullish trend lines forming with support at $0.2100 and $0.2010 on the hourly chart of XRP/USD.
Overall, there are many bullish signs above $0.2150 and the price is likely to extend gains. The next major hurdle is near $0.2300 followed by the $0.2400 handle.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now placed well into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has reached the overbought levels.
Major Support Level – $0.2150
Major Resistance Level – $0.2300
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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