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Ripple is rising and trading in a positive zone above the $0.3000 support against the US Dollar. XRP price is likely to continue higher above $0.3200 and 0.3250 in the near term.
- Ripple price is showing a lot of bullish signs above the $0.3000 support against the US dollar.
- The price is likely to accelerate higher and dips remain supported near the $0.2980 level.
- There are a few bullish trend lines forming with support near $0.3080 and $0.2850 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could correct lower in the short-term, but the bulls are likely to protect $0.2850.
Ripple Price Aiming Fresh Monthly High
After a short-term downside correction, ripple started a fresh increase above $0.3000. The price is following a bullish path and it settled above the $0.3050 level, plus the 100 simple moving average (4-hours).
A high is formed near $0.3200 and the price seems to be facing hurdles near $0.3200. It is testing the 23.6% Fib retracement level of the recent upward move from the $0.2736 swing low to $0.3200 high. On the downside, there are many supports forming near the $0.3000 level.
There are also a few bullish trend lines forming with support near $0.3080 and $0.2850 on the 4-hours chart of the XRP/USD pair. The $0.2980 level is also a major support since it is close to the 50% Fib retracement level of the recent upward move from the $0.2736 swing low to $0.3200 high.
Ripple (XRP) price trades near $0.2000. Source: TradingView.com
On the upside, there is a strong resistance near the $0.3200 level. A successful close above the $0.3200 resistance could open the doors for more gains above the $0.3220 level. The next major resistance is near the $0.3250 level, above which the price is likely to aim a fresh monthly high.
Downsides Likely To Be Supported in XRP
The first key support for the bulls is near the $0.3000 and $0.2980 levels. If the bulls fail to protect $0.2980, there could be a downside extension.
The main support is near the $0.2850 level, below which the price may perhaps start a steady decline towards the $0.2680 level in the near term.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is slowly gaining strength in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 60 level.
Major Support Levels – $0.3050, $0.2980 and $0.2850.
Major Resistance Levels – $0.3200, $0.3250 and $0.3320.
