Ripple is recovering above the USD 0.2450 resistance against the US dollar. The current technical structure suggests that the XRP price is likely to move above USD 0.2500 and USD 0.2550.
- Ripple is slowly gaining bullish momentum above the USD 0.2450 resistance against the US dollar.
- The price is trading near the USD 0.2500 resistance, but it is above the 100 easy hourly moving average.
- A major bullish trendline is forming with support near USD 0.2470 on the XRP / USD pair hourly chart (Kraken data source).
- The pair could accelerate higher if it clears the USD 0.2500 and USD 0.2550 resistance levels.
Ripple price is likely to accelerate higher
In the past three sessions, there has been a decent rebound in ripple above the USD 0.2400 level. XRP price broke the USD 0.2450 resistance level and the 100-hour easy moving average to start the current recovery.
There was a break above the 50% Fib retracement level of the key swing high drop from $ 0.2535 to $ 0.2380 swing low. The price is now testing the USD 0.2480 and USD 0.2500 resistance levels.
The 76.4% Fib retracement level of the key drop from the $ 0.2535 swing high to $ 0.2380 swing low is also near the $ 0.2500 level. More importantly, a major bullish trendline is forming with support near USD 0.2470 on the XRP / USD pair’s hourly chart.
Ripple price trades above $0.2450. Source: TradingView.com
The current price action is positive, a close above the 100 hourly SMA, and the recent gains in bitcoin, bitcoin cash and ethereum are major reasons why ripple price could continue to climb above USD 0.2480 and USD 0.2500.
The next resistance is near the USD 0.2550 level. A successful close above the USD 0.2550 zone could open the doors for a surge towards the USD 0.2650 and USD 0.2700 resistance levels in the near term.
Another failure in XRP?
If Ripple failed to clear the USD 0.2480 and USD 0.2500 resistance levels, there could be a bearish reaction. An initial support on the downside is near the trendline at USD 0.2470.
The main support is forming near the USD 0.2440 level and the 100-hour simple moving average. A downside break below the $ 0.2440 support and the 100-hour simple moving average could push the price into the $ 0.2380 support zone in the near term.
Hourly MACD – The MACD for XRP / USD is slowly gaining traction in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 50 level with positive signs.
Key Support Levels – USD 0.2470, USD 0.2440 and USD 0.2380.
Key Resistance Levels – USD 0.2480, USD 0.2500 and USD 0.2550.