The Ripple price hesitates for a couple of days now and XRP is slowly rising after forming a double bottom pattern near the $0.2240 level against the US dollar. The price of the altcoin is now trading above the $0.2300 and $0.2320 levels.
The altcoin news today show that there was a break above a major bearish trend line with resistance near $0.2240 on the hourly chart of the XRP/USD pair (as data from Kraken showed). Now, the main focus of XRP is to overcome the hurdles near the $0.2425 and $0.2480 levels.
Yesterday, we discussed about the possible double bottom pattern for Ripple near the $0.2240 level. The XRP/USD pair is now rising around 2% and surpassing the $0.2300 resistance, proving that the Ripple price hesitates sometimes but in general is ready to climb higher.
The pair now trades well above the $0.2320 level and the 100 hourly simple moving average. A high is formed near $0.2417 and the XRP price is currently correcting lower. It traded below the $0.2400 level putting a trajectory from the $0.2238 low to a new $0.2417 high.
An initial support on the downside is now near the $0.2345 levels and the 100 hourly simple moving average. The next key support is visible near the $0.2330 level since it is close to the 50% Fib retracement level of the upward move from the $02238 low to the $0.2417 high.
Therefore, as the Ripple price hesitates, XRP will probably remain well supported on the downside near the $0.2330 area. On the upside, we can see an initial resistance placed in the $0.2425 zone.
In order to start a strong increase, the bulls need to gain momentum above the $0.2425 region which is an option in the XRP news today. A successful break above $0.2325 and $0.2480 could also open the doors for a strong rally. The next key resistance is now near the $0.2580 and $0.2600 levels.
If the Ripple price hesitates and struggles to continue above the $0.2425 and $0.2480 resistance levels, there are chances of a fresh decline. A clear break below $0.2330 may prove this as true. However, if XRP moves upwards, we could expect a break above $0.2500.
The technical indicators are as following:
- Hourly MACD – Right now, this indicator for XRP/USD is slowly moving into the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now correcting lower and slowly moving to the 50 level.
- Major Support Levels – $0.2330, $0.2300 and $0.2240.
- Major Resistance Levels – $0.2425, $0.2480 and $0.2580.
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