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Ripple is climbing higher and it recently retested the $0.2880 resistance against the US Dollar. XRP price could surge further above $0.2900 and $0.3000 in the near term.
- Ripple price started a fresh increase after tagging the $0.2680 support area against the US dollar.
- The bulls regained strength and pushed the price back above $0.2800.
- There was a break above a key bearish trend line with resistance near $0.2725 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could surge further once it clears the $0.2900 resistance area.
Ripple Price Could Rise Further
After a downside correction, ripple found support near the $0.2670 and $0.2680 levels. A swing low was formed near $0.2670 and the XRP price recently started a fresh increase.
The bulls were able to gain strength and the price climbed above the $0.2700 and $0.2750 resistance levels. Moreover, there was a close above the $0.2750 level and the 100 hourly simple moving average.
During the upward move, there was a break above a key bearish trend line with resistance near $0.2725 on the hourly chart of the XRP/USD pair. Ripple climbed above $0.2800 and retested the $0.2880-$0.2890 resistance area.
Besides, a high is formed near $0.2881 and the price is currently consolidating gains. An initial support is near the $0.2830 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $0.2700 low to $0.2881 high.
On the upside, ripple bulls need to gain pace above the $0.2880 and $0.2890 levels. Therefore, a clear break above the $0.2900 level may perhaps open the doors for a larger rally above $0.3000. In the mentioned case, the price could even surge towards the $0.3200 level.
Another Rejection?
Clearly, the $0.2880 and $0.2890 levels are important. The price must break the $0.2890 area to continue higher. If it fails again, there are chances of a strong bearish reaction.
The first key support is near the $0.2780 level. It is near the 50% Fib retracement level of the recent wave from the $0.2700 low to $0.2881 high. Additionally, the 100 hourly simple moving average is also near the $0.2775 level to provide support. Any further losses may perhaps lead ripple price back towards $0.2670.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and well above the 60 level.
Major Support Levels – $0.2830, $0.2780 and $0.2670.
Major Resistance Levels – $0.2890, $0.2900 and $0.3000.
