Technicals Point Towards Ripple (XRP) Recovery To $0.25 Despite Some roadblocks
Ripple is trading nicely above the $0.2320 support area against the US Dollar. XRP price broke a technical pattern, suggesting a decent increase towards $0.2400 and $0.2500 in the near term.
- Ripple price tested the $0.2300 support level and it is currently rising against the US dollar.
- The price is back above the $0.2320 pivot level and trading with a positive bias.
- There was a break above a key bullish flag pattern with resistance near $0.2345 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to continue higher towards $0.2400 and $0.2500 if it clears the $0.2370 resistance.
Ripple Price Showing Positive Signs
Yesterday, we saw a decent recovery in ripple above the $0.2350 resistance level. XRP price even traded above the $0.2400 level and the 100 hourly simple moving average. A swing high was formed near $0.2415 and the price corrected lower.
It traded below the 50% Fib retracement level of the rise from the $0.2238 low to $0.2417 high. However, the bulls were able to protect the $0.2300 support level.
The price is currently rising and it is trading above the $0.2320 level. There was a break above a key bullish flag pattern with resistance near $0.2345 on the hourly chart of the XRP/USD pair.
The pair is now testing the 50% Fib retracement level of the downside correction from the $0.2415 high to $0.2298 low. If ripple breaks the $0.2360 and $0.2370 resistance levels, it could start a fresh increase in the near term.
An immediate resistance is near the $0.2400 level, followed by the $0.2415 high. A successful break above the $0.2415 high could open the doors for a larger rally towards the $0.2500 resistance level in the near term.
If ripple fails to climb above the $0.2360 and $0.2370 resistance levels, it could dip a few points. An initial support is near the $0.2340 level and the 100 hourly simple moving average.
The first key support is near the $0.2320 level, below which the price is likely to retest the $0.2300 support. Any further losses may perhaps put the bulls under a lot of pressure and the price could slide towards the $0.2220 level.
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is back above the 50 level, with a few positive signs.
Major Support Levels – $0.2320, $0.2300 and $0.2240.
Major Resistance Levels – $0.2370, $0.2400 and $0.2500.
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