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Ripple price rallied recently and broke the $0.3120 resistance against the US Dollar. XRP/USD is now placed nicely in a positive zone and it could move past $0.3400.
Key Talking Points
- Ripple price broke a crucial resistance at $0.3120 and settled above it against the US Dollar.
- There was a break above a major bearish trend line with resistance at $0.2800 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- XRP price is consolidating above the $0.3120 pivot level and it looks set for more gains.
Ripple Price Forecast
This week, there was a sharp rise in Ripple price from the $0.2650 support area against the US Dollar. The XRP/USD pair started a solid upward move and traded above the $0.2840 and $0.3120 resistance levels.
Looking at the chart, the price cleared many important hurdles, and settled above the $0.3120 resistance plus the 100 SMA (2-hours). Moreover, there was a break above the $0.3200 resistance and the price traded as high as $0.3347.
During the rise, there was a break above a major bearish trend line with resistance at $0.2800 on the 2-hours chart of the XRP/USD pair. These all are positive signs above $0.3000 and the price seems to be consolidating currently in a range above $0.3120.
The previous resistance near the $0.3120 level is now acting as a strong support for buyers. Though, there was a break below the 23.6% Fib retracement level of the recent wave from the $0.2660 low to $0.3347 high.
However, downsides were limited by the $0.3120 support and the 38.2% Fib retracement level of the recent wave from the $0.2660 low to $0.3347 high.
As long as the price is above the $0.3120 support area, there could be more range moves in the short term. On the upside, if ripple price surpasses the $0.3347 high, there could be more gains towards the $0.3400 and $0.3500 levels. On the other hand, below $0.3120, the price may perhaps test $0.3020.
The market data is provided by TradingView.
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