Key Highlights
- 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
