A ripple relief rally is underway as the price started a steady recovery wave following Bitcoin’s move and ETH rally against the US Dollar. The price will eventually revisit the $0.2575 or $0.2620 in the near term as we can see in the XRP price news.
Ripple is up by 4% and it is trading above the $0.2350 resistance level against the US Dollar. The price showed positive signs above the$0.2450 and the 100 hourly simple moving average with a break above the key bearish trend line with a resistance of $0.2360 on the hourly charts of the pair. The pair will correct a few other points but it will also continue higher towards $0.2575.
The recent increase in Bitcoin and Ethereum pushed ripple higher above the $0.2350 resistance as it seems like the price formed a strong support base above the $0.2300 before starting the current recovery wave. The Ripple relief rally led the asset to break the $0.2380 resistance and the price climbed above the $0.2400. The move was initiated after the strong break above the key bearish trend line and resistance close to the $0.2360 on the hourly charts for the pair.
The pair showed strong signs above the $0.2450 level and the 100 hourly simple moving average with an initial resistance is near the $0.2480 at the 50% fib retracement level of the downward move from the $0.2659 high to the $0.2300 low. The major resistance is close to the $0.2520 level with a close to the 61% fib retracement of the downward move from the $0.2659 to the $0.2300 low. The main hurdle on the upside is close to the $0.2575 level above which the price could speed up higher to the $0.2620 level. Further gains could start another rise towards the $0.2680 and the $0.2720 level in the upcoming sessions.
If XRP fails to continue above the $0.2520 there could be a downside correction with initial support is close to the $0.2440 level. The downside break below the $0.2440 support could push the price at $0.2380 support or the 100 hourly SMA with possible losses lurking that can push the price back towards $0.2300. The hourly RSI for the pair is rising and sets above the 60 levels. The major support levels are set at $0.2440 and the $0.2380.
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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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