The price of Ripple (XRP) is showing positive signs above the $0.2340 and $0.2350 support levels now and the price is only facing hurdles near the $0.2400 levels. However, the Ripple news from last night show that the coin managed to add 4% to its price and passed a new momentum. Right now, the key levels to watch for a new XRP rally are the ones above the $0.2360 borderline and the rally should be initiated to $0.2450 or $0.2500, accordingly.
Recently, we saw a major downside correction in the price of XRP from the $0.2450 resistance area against the US dollar. Then, the XRP price broke the $0.2350 and $0.2320 support levels and even spiked blow $0.2300.
However, the bulls then were able to protect the However, the bulls then were able to protect the $0..
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2220 support level and the 100 hourly simple moving average. The key levels to watch out for now at this phase are around $0.2450 and $0.2500.
What’s even more important to note is that there is a new contracting triangle forming with resistance near $0.2360 on the hourly chart of the XRP/USD pair. Therefore, the price of Ripple must surpass the $0.2350 and $0.2360 resistance levels in order to start a new fresh rally. If there is a successful close above $0.2360, the bulls are very likely to aim a test of the $0.2450 resistance.
If the XRP price fails to climb above $0.2400, it could resume its slide. This is why this point is among the key levels to watch now. On the other hand, we can see that the main support for XRP is now near the $0.2220 level below which there is a serious risk of a sharp decline below $0.2200 in the near term.
Technical Indicators:
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now on a rise and close to the 60 level.
- Major Support Levels – $0.2450, $0.2470 and $0.2500.
- Major Resistance Levels – $0.2300, $0.2270 and $0.2250.
While the key levels to watch for XRP are set very close to the current price, the altcoin news show that there are many altcoins with stronger momentum than XRP today. ETH and BCH are some of them, managing to rise by 6% and 8% accordingly. We can also see other winners in the top 10 such as EOS and BNB which managed to add 9% and 8% to their prices, accordingly.
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