An XRP rally is possible if the altcoin manages to clear the $0.30 hurdle after it started a downside correction from the $0.3080 resistance against the US dollar. XRP’s price is now trading above $0.2900 and it has to surpass $0.3000 for a fresh rally as we are reading more in our latest Ripple price news.
Ripple initiated a sharp downside correction from the $0.3083 swing high against the US dollar with the price trading below the resistance level of $0.3000 but above the 100 hourly simple moving average. There’s a major bullish trend line that is forming with support at $0.2880 on the hourly charts of the pair. The pair is likely to restart the rally if it clears the $0.2960 and the $0.300 resistance levels. This week there was a sharp rise in Ripple’s price above $0.2880 resistance and it managed to break this level while settling above the 100 hourly simple moving average.
Also, there was a break above the $0.3000 level, and the price traded to a new monthly high of $0.3083 before consolidating lower. There was also a sharp decline below the $0.300 support. XRP’s price broke the $0.2920 support level but it managed to find support close to the $0.2800 level and recovered above this pivot level. XRP broke above the 23.6% fib retracement level from the downward movement at the $0.3083 high to the $0.2805 low. It now seems that Ripple is nearing a bullish trend line forming with a support of $0.2880 on the hourly charts of the pair. on the upside, the prices are facing strong resistance near the $0.2960 level with a close to the 50% fib retracement level of the downward movement from the $0.3083 high to the $0.2805 low.
An XRP rally is possible if the coin manages to break above the $0.2960 resistance level that could clear the path for more upsides above the $0.3000 level. A successful close above the $0.3000 level could bring XRP towards a higher goal at $0.3080 and $0.3120 levels. The first key support for Ripple is getting close to $0.2900 level with the next key support forming at $0.2880 level with a connecting bullish trend line. The 100 hourly SMA is aligned with the trend line support of $0.2860 but if XRP manages to break this trend line support, the 100 hourly SMA could increase the chances of a sharp decline.
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