Ripple Price Analysis: XRP/USD Jumps 10% But Rally Not Over Yet
Ripple price is up around 10% and it broke the $0.2400 resistance area. XRP to USD is currently rising and it looks set for a break above $0.2420 and $0.2450.
Key Takeaways: XRP/USD
- Ripple price is trading in a nice uptrend above the $0.2250 and $0.2320 resistance levels against the US Dollar.
- XRP/USD is likely to break the $0.2410 resistance and a contracting triangle barrier on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also rising steadily and it could soon break the $9,000 resistance area.
Ripple Price Analysis
In the past few sessions, there was a steady rise in ripple price above the $0.2200 and $0.2300 resistance levels. XRP to USD even broke the key $0.2320 resistance area to move into a bullish zone.
Looking at the 2-hours chart, ripple price settled above the $0.2320 pivot level and the 50 simple moving average (2-hours, purple). Finally, there was a break above the $0.2400 resistance area and the price traded to a new 2020 high at $0.2453.
Recently, there was a strong downside correction from the $0.2450 resistance area. Ripple price traded below the $0.2350 and $0.2320 support levels. However, the price remained well bid near the $0.2250-$0.2260 zone.
A swing low is formed near $0.2256 and the price is currently rising. It already broke the $0.2350 resistance, and the 50% Fib retracement level of the recent decline from $0.2453 to $0.2256.
The current price action is positive and the price could continue to rise above $0.2400. Moreover, ripple is likely to break the $0.2410 resistance and a contracting triangle barrier on the 2-hours chart.
The 76.4% Fib retracement level of the recent decline from $0.2453 to $0.2256 is also near $0.2406. A clear break above the $0.2410 and $0.2420 levels might set the pace for more gains above the $0.2450 resistance levels.
Conversely, the price might correct again below the $0.2350 support level. The main support for the bulls are near the $0.2320 and $0.2250 levels, below which the price is likely to turn bearish in the near term.
Overall, ripple price is trading with a bullish bias above $0.2350 and $0.2320. Therefore, there are high chances of a push towards $0.2500 and $0.2550.