Ripple Price Pauses Its Surge, Further Gains For XRP Seem Likely

One of the featured headlines on our crypto news website today is dedicated to Ripple and the recent XRP price action which seems quite sluggish. The price of Ripple corrected lower recently and tested the $0.2450 support area against the dollar. Right now, the Ripple price pauses the quick climb higher and is slowly rebounding above $0.2500 against the US dollar.

The full analysis and the XRP news today show that after struggling to break the $0.2620 resistance, the price of Ripple started a downside correction against the US dollar. This is when the XRP/USD pair topped near the $0.2618 level and declined below the $0.2600 and $0.2550 support levels. The Ripple price paused after trading below the $0.2500 support level – and even broke the 50% Fib retracement level of the upward wave from the $0.2350 low to a $0.2618 high.

Finally, the price spiked below the $0.2480 level and the 100 hourly simple moving average. Still, the $0.2450 support area acted as a strong buy zone. This is when the Ripple price paused – after surpassing a connecting bearish trend line with a resistance positioned near the $0.2525 level on the hourly chart of the XRP/USD pair. The news that Ripple’s Xpring platform launched recently may also trigger the price to rise soon.

The current price action is positive and suggests that a solid upward move towards the $0.2620 resistance area is imminent. The next key resistance for the Ripple cryptocurrency after this is near the $0.2650 level, above which the price may continue to rise towards the $0.2850 and $0.3000 resistance levels.

The downside region shows that there is decent support forming near $0.2480 as Ripple price pauses – and the 100 hourly SMA shows that the price could resume after a while. Right now, the next key support is near the $0.2350 level.

When looking at the charts and some speculations, we can see that the Ripple price is showing positive signs above the $0.2480 and $0.2450 support levels. An immediate resistance is also here near the $0.2550 level, but the bulls must clear the $0.2620 resistance area in order to push the price further higher.

The technical indicators are as following:

• Hourly MACD – The MACD for XRP/USD at this point is slow, increasing its pace in the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently positioned nicely and above the 50 level.
• Major Support Levels – $0.2480, $0.2450 and $0.2350.
• Major Resistance Levels – $0.2550, $0.2600 and $0.2620.