Ripple started a fresh rise after testing USD 1.00 against the US dollar. XRP price is likely to rise further as it clears the USD 1.45 and USD 1.46 resistance levels.
- Ripple is showing positive signs above the USD 1.25 and USD 1.30 resistance levels against the US dollar.
- The price is now trading well above USD 1,3200 and testing the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $ 1.15 on the 4-hour chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to start another rally as it clears the USD 1.45 resistance zone.
Ripple’s XRP price offers more benefits
For the past week, Ripple’s XRP found strong buying interest near the USD 1.00 zone. XRP formed a support base above USD 1.00 and started a fresh rise similar to bitcoin and ethereum.
The price broke many important hurdles near the USD 1.10 level. There was a break above a major bearish trendline with resistance near $ 1.15 on the XRP / USD pair’s 4-hour chart. The pair cleared the 23.6% Fib retracement level from the downward move from the $ 1.97 high to the $ 0.94 swing low.
It is now trading well above USD 1,3200 and testing the 100 simple moving average (4 hours). XRP is now consolidating near a major hurdle at $ 1.45.
Source: XRPUSD on TradingView.com
The 50% Fib retracement level of the downward move from the $ 1.97 high to the $ 0.94 swing low is acting as a big barrier. If the bulls manage to clear the USD 1.45 and USD 1.46 resistance levels, there could be a surge. In this case, the price could even climb above USD 1.60 and USD 1.65.
Dips limited in XRP?
If ripple didn’t clear the USD 1.45 or USD 1.46 resistance, it may correct lower. An initial support on the downside is near the USD 1.3200 level
The next big support is near the USD 1.30 level. If there is a downside break and close below the $ 1.30 level, the price could turn bearish in the near term. In the said scenario, the price is likely to decline towards the USD 1.15 support zone in the coming sessions.
4-Hours MACD – The MACD for XRP / USD is slowly gaining pace in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is now above the 50 level.
Key Support Levels – USD 1.32, USD 1.30 and USD 1.15.
Major Resistance Levels – USD 1.45, USD 1.46 and USD 1.65.