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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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