Key Trend Is Forming For XRP, Chances For A Rally Are Increasing

A key trend is forming for XRP as it was up by 5% revisiting the $0.3250 resistance against the US dollar. The XRP price is correcting the gains but will likely surge above $0.3300 so let’s read more in the XRP news today.

Ripple gained bullish momentum and hit the $0.3200 resistance against the US dollar and the price even traded to a new weekly high, settling above the 100 hourly SMA. There’s a short-term contracting triangle forming with a resistance of $0.3235 on the hourly charts of the XRP/USD pair. the pair seems to be following an uptrend as the price could soon reach the $0.3300 level thanks to the new key trend that is forming.

In the analysis yesterday, we read there’s a strengthening case for ripple above the $0.3055 resistance as the price was able to clear the $0.3055 resistance levels. As a result, there was a strong increase above the $0.3120 resistance level while XRP increased over 5% and it even spiked above the $0.3250 resistance. The new weekly high close to the $0.3280 level settled above the 100 hourly SMA. The price is now correcting lower and trading below the $0.3200 and there’s also a break below the 23% fib retracement level from the recent surge from the $0.2975 low to the $0.3279 high. Initial support is getting closer to the $0.3150 level.

The next major support line is forming closer to the $0.3120 level which is close to the 50% Fib retracement level of the recent surge from the $0.2975 low to the $0.3279 high. It seems that there’s a short-term triangle forming with the resistance near the $0.3235 on the hourly charts for the pair. if the bulls manage to clear the triangle resistance, there are some chances of a strong increase above the $0.3250 and the $0.3260 resistance levels. The next hurdle is close to the $0.3300 level above which the price could climb above $0.3320.

If Ripple starts an extended downside correction, the next support line will stop the losses. If there’s a downside break below the $0.3120, the price could hit the $0.3080 support. Any further losses could lead the price towards the main $0.3055 support zone. The technical indicators such as the hourly MACD for the pair is now getting into the bearish zone.