Ripple’s bulls are back in control after the 15% surge overnight which led the coin to form a base above the $0.2550 against the US dollar with the price rallying still and continuing higher towards $0.3500 so let’s read more in today’s Ripple news.
Ripple’s bulls are back in control after the coin surged 15% but there are other positive signs above the $0.3000 level against the US dollar with the price breaking hurdles near $0.2880 and the 100 simple moving average and a break above the crucial contracting triangle with the resistance of the $0.2825 on the 4-hour charts of the pair. The pair will speed up higher towards $0.3400 and $0.3600 resistance in the near-term.
Over the past few days, Ripple’s XRP price formed a very strong support base near the $0.2550 and the $0.2650 levels and as a result, the price started a strong increase breaking many hurdles near these levels. There was also another break above the crucial contracting triangle with the resistance near the $0.2825 on the 4-hour charts of the pair that ended up opening the doors for more gains near the $0.3000 level. The price cleared the 50% fib retracement level from the downward movement at the $0.3685 high to $0.2589 low and now the coin is over 15% outperforming both BTC and ETH.
The immediate resistance is nearing the $0.3420 zone and closed above the 76.4% fib retracement level from the downward movement at the $0.3685 high to the $0.2589 low so a close above these levels here could speed up the gains and the price could surge above $0.3550. More gains could lead the price to the $0.4000 level. If ripple starts a downside correction it will likely find support near the $0.3120 level as the first major support level is near the $0.3000 where the bulls could take a stand.
A major breakdown zone is forming near these levels at $0.2820 and the 100 simple moving averages so breaking below these levels could push the price into a bearish zone in the near-term. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI for the pair is well above the 50 levels. The major support levels include $0.3120, $0.3000, and $0.2820 while the major resistance levels include $0.3350, $0.3420, and $0.3550.
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