Ripple’s gaining traction only followed Ethereum’s rise to the $0.30 key hurdle as the asset is gaining bullish momentum against the US dollar. The XRP price is going to test the $0.3000 barrier considering the recent sharp increase in Ethereum as we are reading in our Ripple XRP news today.
XRP shows a lot of positive signs above the $0.2850 level against the US dollar as Ripple’s gaining traction followed the one of Ethereum as it is testing the $0.2920 resistance well above the 100 hourly simple moving average. There’s a break above the key bearish trend line with a bearish trend line of $0.2830 on the hourly chart of the pair, which could spark another rise towards the $0.3000 level as long as it is above $0.2850.
Ethereum started a strong increase well above the $240 price level and led Bitcoin and Ripple along. XRP broke the main $0.2850 resistance zone above the 100 hourly simple moving average in order to go into a positive zone. To start the increase, there was a break above the key bearish trend line with a resistance close to $0.2830 on the charts for the XRP/USD pair as this move could mean the price will surpass the $0.2900 levels.
A new high is formed close to the $0.2921 and is now consolidating gains with initial support is close to the $0.2880 level. The asset is close to the 23% fib retracement level from the recent wave of $0.2787 low to the $0.2921 high. The first important support level is close to the $0.2850 level with the 50% fib retracement level of the wave from $0.2787 low to $0.2921 high. The price is facing a short-term hurdle to the $0.2920 level so a break above the said level could open the doors a bigger rally between $0.2980 and $0.3000 levels. The first major hurdle for the bulls will be near $0.3120.
If Ripple has a hard time passing the $0.2920 resistance, there could be another correction but the two levels between $0.2850 and $0.2840 are very important for the bulls. Further losses will lead the price below the $0.2800 level while the next major support for the bulls is close to the $0.2765 level and the 100 hourly simple moving average.
In the recent Ripple price news, we reported that Ripple’s Brad Garlinghouse predicts even more losses for the value of the US dollar after what it was a crazy year in every sense of the word. The businesses are left wondering how to go on ahead but the Ripple Labs CEO believes that the craziness will continue.
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