Ripple (XRP) Price Gaining Momentum While BTC Is Consolidating
Ripple price is climbing higher and it recently surpassed the $0.2950 resistance against the US dollar.
The price is moving towards $0.3000 and it could rally sharply above $0.3020.
There is a rising channel forming with support near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could dip a few points, but it remains well supported near $0.2940 and $0.2860.
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Ripple price is rising steadily against the US Dollar, bitcoin and Ethereum. XRP price is likely to surpass $0.3000 and gain strength above $0.3020 in the near term.
Ripple Price Analysis
Yesterday, we saw the start of a fresh increase in ripple price above $0.2850 while bitcoin and Ethereum were struggling against the US Dollar. XRP price remained in a positive zone above $0.2850 and it even climbed above the $0.2920 resistance. Moreover, there was a break above the $0.2950 resistance and the price settled well above the 100 hourly simple moving average.
The upward move was such that the price traded close to the $0.3000 resistance. Finally, a high was formed near $0.2992 and the price is currently consolidating gains. An immediate support is near the $0.2960 level. It coincides with the 23.6% Fib retracement level of the recent leg from the $0.2863 low to $0.2992 high. On the downside, there are many supports near the $0.2940 level.
Additionally, there is a rising channel forming with support near $0.2940 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the recent leg from the $0.2863 low to $0.2992 high. If there are more downsides, ripple price could test the main $0.2860 and $0.2850 support levels (the recent resistances). An intermediate support is near the 61.8% Fib retracement level of the recent leg from the $0.2863 low to $0.2992 high.
On the upside, an initial resistance is near the $0.3000 level. A successful close above the $0.3000 resistance could set the stage for strong gains in the near term.an immediate resistance is near $0.3020, above which the price may perhaps rally towards the $0.3050 and $0.3080 levels.
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Looking at the chart, ripple price is clearly trading in an uptrend and is gaining momentum above $0.2920. The next stops are near the $0.3000 and $0.3020 levels. Besides, Ethereum is also climbing higher, but bitcoin is struggling to clear the $8,350 and $8,400 resistances.
Hourly MACD – The MACD for XRP/USD is gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level.
Major Support Levels – $0.2960, $0.2940 and $0.2860.
Major Resistance Levels – $0.3000, $0.3020 and $0.3050.
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