An XRP bullish breakout forms and could take the cryptocurrency to $0.35 as it is holding the gains above $0.2800 against the US Dollar. The XRP price will likely shoot higher towards $0.35 once it manages to clear the $0.3100 resistance zone as we are reading more in today’s Ripple XRP news.
Ripple is showing a few positive signs above $0.2680 against the US dollar and the price is now facing a huge hurdle at $0.3100 but it is above the 100 simple moving average with a key contracting triangle forming with the resistance near $0.30 on the 4-hour charts of the pair. The XRP/USD pair is likely to speed up higher to $0.35 once it clears the $0.3100. there was a sharp increase in Ripple’s XRP price as it managed to break the $0.300 resistance. The price then climbed above the $0.3100 and the $0.320 resistance levels but then struggled near the $0.3300. A new high was formed near the $0.3302 before the price was able to correct it lower as an XRP bullish breakout forms.
XRP broke the $0.310 support and spiked below this level but the bulls defended the $0.28 zone and then the 100 simple moving average with a new low is formed at $0.2811 with the price consolidating in the range. It recovered above the 23.6% fib retracement level from the downwards move at $0.3302 high to the $0.2811 with a key contracting triangle forming with resistance close to the $0.30 level on the 4-hour charts of the XPR/USD pair.
The triangle resistance is now close to the 50% fib retracement level from the downward move from $0.3302 high to $0.2811 low so breaking above this resistance could start a break above the $0.3100 resistance. The successful close above these levels could open the doors for a steady increase while the next hurdle could be set at $0.330 above which the price is able to test the $0.3500 level. If ripple doesn’t break the $0.300 resistance level, it could correct lower with the major nearing the $0.2880 zone and the 100 SMA.
A downside break below this triangle trend line and the 100 SMA will speed up the losses so in this case, the price will decline sharply to the $0.260 support zone in the near-term. The 4-hour MACD for the pair is showing positive signs in the bullish zone while the 4-hour RSI is well above the 50 levels.
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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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