Tuesday , January 19 2021
Home / Bitcoin / Ripple (XRP) Just Broke $0.24 And Indicators Suggest A Test of $0.25

Ripple (XRP) Just Broke $0.24 And Indicators Suggest A Test of $0.25

Ripple traded to a new monthly high above $0.2400 against the US Dollar. XRP price is currently up over 8% and it is likely to continue higher towards $0.2500.

  • Ripple started a strong increase above the $0.2250 and $0.2320 resistance levels against the US dollar.
  • The price traded to a new monthly high at $0.2411 and settled well above the 100 hourly SMA.
  • There is a crucial bullish trend line forming with support near $0.2260 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct lower, but dips are likely to find buyers near the $0.2350 and $0.2320 levels.

Ripple Price Could Test $0.25

After bitcoin started a downside correction, ripple gained bullish momentum above the $0.2250 resistance area. XRP price broke a major hurdle near $0.2320 and the 100 hourly simple moving average.

It opened the doors for more gains above the $0.2350 level. The price traded to a new monthly high at $0.2411 and it is currently consolidating gains. An initial support on the downside is near the $0.2380 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.2171 swing low to $0.2411 high.

The first major support is near the $0.2350 level (the recent breakout zone). The next major support is near the $0.2300 level or the 50% Fib retracement level of the recent rally from the $0.2171 swing low to $0.2411 high.

Ripple (XRP)

Ripple price breaks $0.2400. Source: TradingView.com

There is also a crucial bullish trend line forming with support near $0.2260 on the hourly chart of the XRP/USD pair. On the upside, the pair could struggle to clear the $0.2420 resistance.

A successful break above the $0.2420 level might open the doors for another leg higher. In the mentioned case, the price is likely to revisit the $0.2500 level in the near term.

Dips Could Be Limited in XRP

On the downside, ripple is likely to find a strong buying interest near the $0.2350 level. The main support is near the trend line, below which the bears might target a test of the $0.2250 level.

Any further losses could start a sustained downward move and the price is likely to test the key $0.2200 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 60 level.

Major Support Levels – $0.2380, $0.2350 and $0.2300.

Major Resistance Levels – $0.2400, $0.2420 and $0.2500.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.


Source link

About admin

Check Also

EU Seeks to Curb Reliance on US Dollar After American Sanctions Exposed Financial Infrastructure Vulnerabilities

The European Union (EU) is reportedly planning to reduce its reliance on the U.S. dollar-based …

Leave a Reply

Your email address will not be published. Required fields are marked *