Ripple Price (XRP) Upsurge Facing Key Resistance, Can Bulls Make It?
Ripple price remained in a positive zone and rallied another 5% above $0.2750 against the US dollar.
The price is trading in an uptrend, but it is now facing a strong resistance near $0.2850.
There is a rising channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could correct in the short term, but it might find support near $0.2780 or $0.2750.
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Ripple price is up more than 5% against the US Dollar, and it recovered vs bitcoin. XRP price remains well supported on the downside near the $0.2750 level.
Ripple Price Analysis
Yesterday, we saw a nice upward move in ripple price above the $0.2560 resistance against the US Dollar. Later, Ethereum and bitcoin followed and started a nice upward move above $180 and $8,200 respectively. It sparked more gains in XRP/USD above the $0.2750 resistance and the 100 hourly simple moving average. Moreover, the price broke the $0.2800 and $0.2820 resistance levels.
Finally, ripple traded to a new weekly high at $0.2853 and it seems like it could correct higher. The stated $0.2850 area is a major resistance, suggesting a possible downside correction. The price is currently trading below the $0.2820 level. Moreover, it broke the 23.6% Fib retracement level of the recent wave from the $0.2716 low to $0.2853 high.
It seems like there is a rising channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the recent wave from the $0.2716 low to $0.2853 high. If there is a downside break below the chancel support, ripple price could correct lower towards the $0.2750 support area. Any further losses may perhaps start an extended downside correction towards the key $0.2650 support (the previous resistance).
On the upside, the key resistance area is near the $0.2850 level. If there is a clear break above the $0.2850 resistance, the price could rise another 5% and trade towards the $0.2920 and $0.2950 resistance levels.
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Looking at the chart, ripple price is trading nicely above the $0.2780 and $0.2750 support levels. However, the $0.2850 level is a key barrier for more gains. Therefore, there are chances of a short term downside correction towards $0.2780 or $0.2750. On the upside, a solid rally above $0.2850 could even set the pace for a move towards $0.3000.
Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 60 level.
Major Support Levels – $0.2780, $0.2750 and $0.2720.
Major Resistance Levels – $0.2850, $0.2920 and $0.2950.
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