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Ripple XRP
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Ripple (XRP) Smashes $0.25 To Open Doors For $0.30: Key Levels To Watch

Aayush Jindal by Aayush Jindal
4 years ago
in Ripple, Technical analysis
Reading Time: 2 mins read

Ripple gained recently and broke the $0.2450 and $0.2500 resistance levels against the US Dollar. XRP price is currently correcting, but it is likely to continue higher towards $0.3000.

  • Ripple price climbed higher and traded to a new monthly high at $0.2616 against the US dollar.
  • The price is currently correcting lower, but dips remain supported near $0.2480 and $0.2450.
  • There is a short term declining channel or a bullish flag forming with resistance near $0.2580 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards $0.2750 and $0.3000 in the coming days.

Ripple Price Could Surge Again

After forming a support base near the $0.2320 level, ripple started a fresh increase. XRP price broke many hurdles near the $0.2450 and $0.2500 levels to enter a positive zone.

Moreover, the price settled nicely above $0.2450 and the 100 hourly simple moving average. Finally, the price traded to a new monthly high at $0.2616 and it is currently correcting lower.

It broke the 23.6% Fib retracement level of the recent wave from the $0.2340 low to $0.2616 high. Ripple is now approaching the $0.2500 support area, where the bulls are likely to emerge.

More importantly, there is a short term declining channel or a bullish flag forming with resistance near $0.2580 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent wave from the $0.2340 low to $0.2616 high is also near the $0.2480 level.

Ripple Price
Ripple Price

On the upside, an immediate resistance is near the $0.2550 and $0.2580 levels. A successful break above $0.2580 might start another surge above the $0.2600 level.

In the mentioned case, the price is likely to climb higher towards the $0.2650 and $0.2750 levels. The main target for the bulls could be $0.3000 in the coming sessions.

Importance of $0.2450

The previous resistance for ripple near $0.2450 is now a major support area. If there is a downside break below $0.2450 support, there is a risk of a larger decline in the near term.

The next support is near the $0.2420 level and the 100 hourly simple moving average. If the price fails to stay above the 100 hourly simple moving average, it could continue to move down towards the $0.2320 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with positive signs.

Major Support Levels – $0.2500, $0.2480 and $0.2450.

Major Resistance Levels – $0.2550, $0.2580 and $0.2650.

Tags: Ripplexrp
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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