Ripple price is rising steadily and trading above the $0.2260 resistance area. XRP to USD is likely to aim a strong upside break above the $0.2400 and $0.2415 resistance levels in the near term.
Key Takeaways: XRP/USD
- Ripple price started a steady rise from the $0.2129 swing low against the US Dollar.
- XRP/USD surpassed a major hurdle near $0.2260 and a bearish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is climbing and it recently surged above the $9,000 resistance area.
Ripple Price Analysis
After forming a support base above $0.2120 and $0.2140, ripple price started a fresh increase. As a result, XRP to USD climbed above the $0.2200 and $0.2220 resistance levels.
Looking at the 2-hours chart, ripple price even settled above $0.2220 and the 50 simple moving average (2-hours, purple). It opened the doors for more gains above the $0.2250 pivot area.
More importantly, ripple price surged above a major hurdle near $0.2260 and a bearish trend line on the 2-hours chart. Finally, it broke the 61.8% Fib retracement level of the last major slide from $0.2415 to $0.2129.
However, the price is now facing hurdles near the $0.2340 and $0.2350 levels. It seems like the 76.4% Fib retracement level of the last major slide from $0.2415 to $0.2129 is acting as a key resistance for the bulls.
A successful break above the $0.2340 and $0.2350 resistance levels might set the pace for a larger rally. The next stop for ripple bulls could be near the $0.2400 level.
If the bulls are able to push the price above the $0.2400 and $0.2415 resistance levels, there are chances of a strong rise in the coming sessions.
Conversely, there could be a downside correction from $0.2350. An initial support is near the $0.2280 level. The main support is near the $0.2240 level and the 50 simple moving average (2-hours, purple).
If ripple price fails to stay above the $0.2240 support area, it could move back into a bearish zone. Overall, XRP is likely to rally if it clears the $0.2340 and $0.2400 resistance levels.