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Ripple Price (XRP) Rallies Significantly To Start Massive Uptrend | NewsBTC

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  • Ripple price surged more than 15% after it broke the key $0.2650 resistance against the US dollar.
  • The price is trading well above the $0.3000 level and it could continue to rise.
  • There was a break above a bullish continuation pattern with resistance near $0.2930 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is showing a lot of bullish signs, with many supports near the $0.3000 and $0.2950 levels.

Ripple price rallied above $0.3000 to start an uptrend against the US Dollar and bitcoin. XRP price turned buy on dips and it could continue to rise towards $0.3200.

Ripple Price Analysis

In the past many analysis, we discussed the importance of the $0.2650 resistance for XRP price against the US Dollar. Yesterday, we even saw a major breakout pattern forming with resistance near $0.2630 on the hourly chart of the XRP/USD pair. Finally, the pair gained bullish momentum and broke the main $0.2620 and $0.2650 resistance levels. It opened the doors for sharp gains above the $0.2720 and $0.2800 resistance levels.

Moreover, the price rallied above the $0.3000 resistance area and gained more than 15%. Intermediately, there was a break above a bullish continuation pattern with resistance near $0.2930 on the same chart. A new monthly high was formed near $0.3128 and the price is currently consolidating gains. An immediate support is near the $0.3060 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $0.2839 low to $0.3128 high.

On the downside, there are many supports near the $0.3060 and $0.3000 levels. Moreover, the 50% Fib retracement level of the recent rally from the $0.2839 low to $0.3128 high is near the $0.2985 to act as a solid support. The next key support is near $0.2950, below which ripple could test the $0.2800 support area.

On the upside, an immediate resistance is near the $0.3120 level. If there are more upsides, the price could easily break the $0.3150 resistance and continue higher towards the $0.3200 and $0.3220 resistance levels. The main resistance for the current wave is now near the $0.3250 level.

Looking at the chart, ripple price is clearly trading in a nice uptrend above the $0.2950 and $0.3000 support levels. In the short term, there could be a downside correction, but the price remains well bid above the $0.3000 and $0.2950 levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently showing many positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 70 level.

Major Support Levels – $0.3060, $0.3000 and $0.2950.

Major Resistance Levels – $0.3120, $0.3150 and $0.3220.


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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