Ripple (XRP) Price Poised For Further Gains, Bitcoin Rising
- Ripple price is gaining momentum and it is rising above $0.2250 against the US dollar.
- The price is likely to continue higher above the $0.2320 and $0.2350 resistance levels.
- There is a key bullish trend line forming with support near $0.2265 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is approaching the $152 resistance, above which it could rally.
Ripple price is showing a lot of positive signs against the US Dollar, similar to bitcoin. XRP price remains well supported and it could rally above $0.2320.
Ripple Price Analysis
In the past few days, there was a steady rise in ripple price from the $0.2150 support area against the US Dollar. XRP price gained pace above the $0.2180 and $0.2200 resistance levels.
Moreover, there was a close above the $0.2240 resistance and the 100 hourly simple moving average. It opened the doors for more gains and the price climbed above the $0.2280 and $0.2300 levels.
However, the price seems to be facing a strong resistance near the $0.2320 area. A high was formed near $0.2326 and the price is currently correcting lower. It already traded below the 23.6% Fib retracement level of the recent wave from the $0.2240 low to $0.2326 high.
Ripple is currently testing the $0.2280 support area. Besides, the 50% Fib retracement level of the recent wave from the $0.2240 low to $0.2326 high is near the $0.2283 level.
More importantly, there is a key bullish trend line forming with support near $0.2265 on the hourly chart of the XRP/USD pair. Additionally, the trend line coincides with the 61.8% Fib retracement level of the recent wave from the $0.2240 low to $0.2326 high.
Therefore, the price is likely to find a strong support near the $0.2240 zone. If there is a downside break below $0.2240, the price could correct substantially and it might test the $0.2180 level.
On the upside, an immediate resistance is near the $0.2300 level. The main resistance area is near the $0.2320 level, above which the price could continue to rise towards the $0.2350 and $0.2400 resistance levels in the coming sessions.
Looking at the chart, ripple price is trading with a bullish bias above the $0.2240 support area. As long as there is no close below $0.2240, there are high chances of a strong upward move above the $0.2320 and $0.2350 levels.
Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower and it is near the 50 level.
Major Support Levels – $0.2280, $0.2240 and $0.2180.
Major Resistance Levels – $0.2300, $0.2320 and $0.2350.
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