Following the ripple recovery above $0.2450, there are key reasons that suggest XRP will likely surge above $0.2500 and $0.2550 as we are reading in the Ripple XRP price news.
Ripple is slowly gaining bullish momentum above the $0.2450 level against the US dollar as the price is trading near the $0.2500 resistance but it then closed above the 100 hourly simple moving price average. There are a few key reasons within the bullish trend line that are forming close to the support near to the $0.2470 on the hourly charts of the XRP/USD pair. The pair could go higher if it manages to clear the $0.2500 and the $0.2550 resistance levels.
In the past three sessions, there was a recovery in Ripple’s price above the $0.2400 level so the price broke the $0.2450 resistance level and the 100 hourly simple moving average signaling a start of a recovery. There was a key break above the 50% fib retracement level from the decline of the $0.255 swing high to the $0.2380 swing low so the price is now testing the $0.2480 and $0.2500 resistance levels.
The 76% fib retracement level from the key decline of $0.2535 high to the $0.2380 swing low is nearing the $0.2500 level but there’s also a key bullish trend line forming with support close to the $0.2470 on the hourly charts. Right now, the price action is positive, with a close above the 100 hourly SMA with a rise in Bitcoin, Bitcoin Cash, and Ethereum with key reasons why the XRP price is continuing to increase above the $0.2480 level.
The next resistance is close to the $0.2550 level which marks a successful close above the $0.2550 zone which could open the doors for a strong rise to the $0.2650 and the $0.2700 resistance levels in the near term. If XRP fails to clear these levels, there could be another bearish reaction with support on the downside with a near trendline of $0.2470.
The main support is forming close to the $0.2440 level and the 100 hourly simple moving average with a downside break at $0.2440 support with a 100 hourly simple moving average that could lead the price to the $0.2380 support zone. The MACD for the XRP/USD is slowly gaining momentum while the hourly RSI is well above the 50 levels with positive signs.
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