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Ripple (XRP) Defies Gravity: Main Reasons $0.25 or $0.26 Are Likely Targets

Ripple extended its rally above the $0.2200 resistance against the US Dollar. XRP price is showing many positive signs and it could continue to rise towards $0.2500 or $0.2600.

  • Ripple price is up close to 10% and it climbed above the $0.2300 level against the US dollar.
  • It tested the $0.2350 resistance and currently consolidating gains.
  • There is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains in a nice uptrend and it could continue to rise towards the $0.2500 resistance level.

Ripple Price Breaks Key Hurdle

This week, there was a strong uptrend in ripple above the $0.2000 resistance. Yesterday’s XRP price fueled bitcoin and it rallied more than 15% to test the $9,000 resistance level today.

XRP price is following a nice uptrend and it recently surged above the $0.2200 and $0.2300 resistance levels. The bulls even pushed the price towards the $0.2350 resistance, with a strong close above the 100 hourly simple moving average.

A new monthly high is formed near $0.2356 and the price is currently consolidating gains. An initial support is near the $0.2285 level. It is close to the 23.6% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high.

Moreover, there is a key bullish trend line forming with support near $0.2280 on the hourly chart of the XRP/USD pair. If ripple fails to stay above the $0.2280 support level, there could be an extended decline.

Ripple Price

Ripple Price

The next major support is seen near the $0.2200 level or the 50% Fib retracement level of the recent surge from the $0.2051 swing low to $0.2356 high. Any further losses could lead the price towards the $0.2120 support or even 100 hourly simple moving average.

More Upsides?

Ripple is clearly trading in a strong uptrend above the $0.2280 support area. On the upside, an initial resistance is near the $0.2350 level.

If there is a clear break above the $0.2350 resistance and the $0.2356 high, the price could continue to rise towards the $0.2500 resistance. The next major hurdle above $0.2500 is near the $0.2600 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its current bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the 80 level.

Major Support Levels – $0.2280, $0.2200 and $0.2120.

Major Resistance Levels – $0.2350, $0.2420 and $0.2500.

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

Ripple (XRP) Defies Gravity: Main Reasons $0.25 or $0.26 Are Likely Targets was last modified: April 30th, 2020 by Aayush Jindal

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