Ripple is slowly moving into a positive zone above the $0.2480 support zone against the US Dollar. XRP price is likely to accelerate higher as long as it is above the 100 SMA (H4).
- Ripple is trading in a positive zone above the $0.2480 support against the US dollar.
- The price is facing hurdles near $0.2580 and it is well above the 100 simple moving average (4-hours).
- There is a key expanding triangle forming with resistance near $0.2600 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to accelerate above the $0.2600 resistance and the $0.2620 pivot level.
Ripple Price Showing Positive Signs
In the past three sessions, there were positive moves in bitcoin, Ethereum, and ripple. XRP price formed a decent support base above the $0.2400 level and recently climbed above the $0.2450 resistance.
The price gained pace above the $0.2480 resistance level and settled above the 100 simple moving average (4-hours). There was a spike above the $0.2500 level and a new weekly high is formed near the $0.2580 level.
Ripple is currently consolidating gains and it corrected lower below the 23.6% Fib retracement level of the upward move from the $0.2372 low to $0.2580 high. On the downside, there is a strong support forming near the $0.2475 level and the 100 simple moving average (4-hours).
Ripple (XRP) price trades above $0.2500. Source: TradingView.com
It seems like there is a key expanding triangle forming with resistance near $0.2600 on the 4-hours chart of the XRP/USD pair. If the price stays above the 100 SMA, there are chances of an upside break above the $0.2580 and $0.2600 resistance levels.
A clear break above the channel resistance might open the doors for a larger upward move above the $0.2620 pivot level. The next major resistance is seen near the $0.2750 level.
Another Rejection in XRP?
If ripple fails to clear the $0.2580 and $0.2600 resistance levels, there is a risk of a fresh decline. An initial support is near the $0.2475 zone and the 100 SMA.
A downside break below the 100 SMA might put a lot of pressure on the bulls. The next main support is near the triangle trend line at $0.2420, below which the price could accelerate lower towards $0.2320.
4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Levels – $0.2480, $0.2450 and $0.2400.
Major Resistance Levels – $0.2580, $0.2600 and $0.2750.
This post was originally published on www.newsbtc.com