- Ripple price extended its gains and moved above the $0.2400 level against the US Dollar.
- There is a major bullish trend line forming with support at $0.2340 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to move higher and it could even challenge the $0.2500 level in the near term.
Ripple price powered higher against the US Dollar and Bitcoin. XRP/USD might continue to gain pace and could even break $0.2500.
Ripple Price Bullish Trend
During the past few days, there was a sharp rise in Ripple price above the $0.2100 level against the US Dollar. Yesterday, I mentioned that the price might continue to move higher and the next major hurdles are $0.2400 and $0.2500. The price extended its gains and was able to move past the $0.2400 handle. A high was formed at $0.2446 and the price later started a downside correction.
It is currently testing the 23.6% Fib retracement level of the last wave from the $0.2010 low to $0.2446 high. Moreover, there is a major bullish trend line forming with support at $0.2340 on the hourly chart of the XRP/USD. As long as the price is above the trend line support at $0.2340, it might move back above $0.2400 and could even trade towards $0.2500.
On the other hand, a break and close below $0.2340 would call for a test of the 50% Fib retracement level of the last wave from the $0.2010 low to $0.2446 high. The overall trend is bullish for XRP and the price is likely to form yet another high above $0.2446 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently showing a lot of positive signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from the overbought levels.
Major Support Level – $0.2340
Major Resistance Level – $0.2440
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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