Ripple Bulls Aim A Close Above $0.30 As XRP Breaks Major Hurdle

Ripple bulls aim for a new close above $0.30 as the coin is up over 10% against the US dollar with the price showing positive signs and could continue higher towards $0.3200 as we can see more in our latest Ripple XRP news.

Ripple is showing a few bullish signs above $0.2700 and $0.2800 against the US dollar so the price I snow trading nicely above the 100 simple moving average but it is facing hurdles close to $0.3000. There was a break above the major trend line with the resistance near the $0.2700 on the 4-hour charts of the pair with it being able to continue rising towards $0.3200 if there’s a close above $0.3000.

After forming the base above $0.2500 level, Ripple’s XRP price started increasing and the price settled above the $0.2650 to enter the short-term bullish zone. There was a decent upward move in BTC and ETH opening the doors for a surge in XRP above $0.2720. There was a break above the major bearish trend line with the resistance close on the $0.2700 on the 4-hour charts of the pair. The price rallied at $0.2800 and the 100 simple moving average but the price spiked above 61.8% fib retracement level from the downward move from $0.3305 high to $0.2396 low.

The price failed to surpass the main $0.3100 resistance but then failed near the 76.4% fib retracement level from the downward move at $0.3305 high to $0.2396 low. XRP is now dipping but there are chances of a fresh increase above $0.3000. A close above this level could increase the chances of a push above $0.3100 resistance with the next major resistance nearing the $0.3200 level. If ripple fails to climb back above $0.300 it could correct lower so new support is forming near the $0.2800 level and the 100 SMA.

The downside break below the $0.2800 support zone could open the doors for a break above $0.2700 with the next major support settling near the $0.2620 level and the broken trend line while Ripple bulls aim a close above $0.30. The 4-hour MACD for the pair is in the bullish zone while the 4-hour RSI is well above the 50 level.

Also as earlier reported, The US Securities and exchange Commission launched a $1.3 billion lawsuit against Ripple but the company didn’t stop making new customers, and apparently, Ripple signed 15 new customers after the lawsuit was launched. In late December, the regulator alleged that the company raised $1.3 billion in unregistered securities offerings since 2013 but the company remained optimistic and said that “team Ripple will take on the year.”