Ripple’s 100 SMA signals a fresh increase for the asset as XRP started trading into the positive zone above $0.2480 support zone. XRP is likely to accelerate higher as long as it stays above this level as we are reading in the latest Ripple XRP news.
Ripple is trading in a positive zone above $0.2480 against the US dollar and is facing hurdles close to the $0.2580 level. Ripple’s 100 SMA signals a key expanding triangle that is forming with the resistance close to $0.2600 on the 4-hour charts. the pair will accelerate above the $0.2600 resistance level.
Over the past three sessions, there was a positive movement in BTC and ETH as well as in XRP. Ripple’s price formed a decent support base above the $0.2400 level and it climbed above the $0.2450 resistance level. The price gained pace above the $0.2480 resistance level and settled above the 100 simple moving average. There was also an increase above $0.2500 level and the new weekly high formed close to the $0.2580.
Ripple is now consolidating the gains as it corrected lower below the 23.6% fib retracement level from the upward move from $0.2372 low to $0.2580 high. There’s strong support forming close to the $0.2475 level and the 100 simple moving average. It also seems like there’s a key expanding triangle forming near the $0.2600 resistance on the charts. if XRP stays above the 100 SMA, there are chances of an upside break above the $0.2580 and $0.2600 resistance levels. The clear break above the channel resistance could open the doors for an even bigger upward movement above the $0.2620 pivot level. The major resistance is seen close to the $0.2750 level.
If XRP fails to clear the $0.2580 level there’s another risk of a fresh Decline. The initial support is close to the $0.2475 level and the 100 SMA. The downside break below the 100 SMA could put a lot of pressure on the bulls while the main support is close to the triangle trend line at $0.2420 below which the price will speed up lower at $0.2320. The 4-hour RSI for the pair is well above the 50 levels while the major support levels include the $0.2480 and the $0.2450 levels. The major resistance levels include $0.2580 and $0.2600.
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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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