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Ripple is slowly rising above $0.2300 against the US Dollar and following both Ethereum and bitcoin. XRP price is likely to continue higher towards $0.2500 or $0.2850 in the coming days.
- Ripple price is trading with a bullish bias above the $0.2300 resistance against the US dollar.
- The price tested the $0.2350 resistance and it remains supported on dips.
- There is a major bullish trend line forming with support near $0.2305 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to rise further towards the $0.2450 and $0.2500 resistance levels in the near term.
Ripple Price Signaling More Upsides
Recently, there was a steady increase in bitcoin and Ethereum, which helped ripple in recovering above the $0.2250 resistance. XRP price followed a decent bullish past and surpassed the $0.2300 resistance.
Moreover, there was a close above the $0.2320 resistance and the 100 hourly simple moving average. A new weekly high is formed near $0.2359 and the price is currently correcting lower.
It traded below the 23.6% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high. An immediate support is near the $0.2310 level.
Besides, there is a major bullish trend line forming with support near $0.2305 on the hourly chart of the XRP/USD pair. The trend line support is also close to the 50% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high.
On the upside, the $0.2350 and $0.2360 are initial hurdles for ripple bulls. If there is a clear break above $0.2360, the price is likely to continue higher towards the $0.2450 resistance.
The first major resistance is near the $0.2500 and $0.2550 levels. A successful daily close above the $0.2550 level may perhaps open the doors for a larger upward move towards the $0.3000 barrier in the coming days.
Correction Could Be Limited
If XRP starts a downside correction, the $0.2300 area might act as a strong support. If there are more losses, the next major support is seen near the $0.2250 level.
The 100 hourly simple moving average is also waiting near the $0.2240 level for ripple. Therefore, dips towards the $0.2250 and $0.2240 are likely to find a solid buying interest in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 60 level, with a minor bearish angle.
Major Support Levels – $0.2305, $0.2300 and $0.2250.
Major Resistance Levels – $0.2360, $0.2450 and $0.2550.
