Friday , March 5 2021
Home / Bitcoin / Ripple (XRP) Gains Traction Following Ethereum’s Rise: $0.30 Seems Key Hurdle

Ripple (XRP) Gains Traction Following Ethereum’s Rise: $0.30 Seems Key Hurdle

Ripple is rising and it is gaining bullish momentum above $0.2880 against the US Dollar. XRP price is likely to test the $0.3000 barrier, considering the recent sharp rise in Ethereum.

  • Ripple is showing a lot of positive signs above the $0.2850 and $0.2880 levels against the US dollar.
  • The price is testing the $0.2920 resistance and it is well above the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $0.2830 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to rise towards the $0.3000 level as long as it is above $0.2850.

Ripple Price Jumps Above $0.2900

Ethereum started a strong increase above $240, leading bitcoin and ripple higher. XRP broke the main $0.2850 resistance and settled nicely above the 100 hourly simple moving average to move into a positive zone.

To start the rise, there was a break above a key bearish trend line with resistance near $0.2830 on the hourly chart of the XRP/USD pair. The upward move was such that the price surpassed the $0.2880 and $0.2900 levels.

A high is formed near $0.2921 and it is currently consolidating gains. An initial support is near the $0.2880 level. It is close to the 23.6% Fib retracement level of the recent wave from the $0.2787 low to $0.2921 high.

Ripple (XRP)

Ripple price trades above $0.2900. Source: TradingView.com

The first major support is near the $0.2850 level (the recent breakout zone). It is close to the 50% Fib retracement level of the recent wave from the $0.2787 low to $0.2921 high.

On the upside, ripple price is facing a short-term hurdle near the $0.2920 level. A clear break above the $0.2920 resistance could open the doors for a larger rally towards the $0.2980 and $0.3000 levels. The next major hurdle for the bulls could be near $0.3120.

Downside Correction in XRP?

If ripple struggles to clear the $0.2920 resistance, there could be a downside correction. However, the $0.2850 and $0.2840 levels are now important supports for the bulls.

Any further losses are likely to lead the price below the $0.2800 level. The next major support for the bulls is near the $0.2765 level and the 100 hourly simple moving average.

Technical Indicators

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

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

Major Support Levels – $0.2880, $0.2850 and $0.2840.

Major Resistance Levels – $0.2920, $0.2980 and $0.3000.


Source link

About admin

Check Also

Decentralized Companies Are the New Norm and It’s the DAO Revolution That’s Making It Possible

The way people work has continuously evolved over the past couple of decades, thanks to …

Leave a Reply

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