Ripple Relief Rally Is Underway: Key Technical Breakout Forms

A ripple relief rally is underway as the price started a steady recovery wave following Bitcoin’s move and ETH rally against the US Dollar. The price will eventually revisit the $0.2575 or $0.2620 in the near term as we can see in the XRP price news.

Ripple is up by 4% and it is trading above the $0.2350 resistance level against the US Dollar. The price showed positive signs above the$0.2450 and the 100 hourly simple moving average with a break above the key bearish trend line with a resistance of $0.2360 on the hourly charts of the pair. The pair will correct a few other points but it will also continue higher towards $0.2575.

The recent increase in Bitcoin and Ethereum pushed ripple higher above the $0.2350 resistance as it seems like the price formed a strong support base above the $0.2300 before starting the current recovery wave. The Ripple relief rally led the asset to break the $0.2380 resistance and the price climbed above the $0.2400. The move was initiated after the strong break above the key bearish trend line and resistance close to the $0.2360 on the hourly charts for the pair.

The pair showed strong signs above the $0.2450 level and the 100 hourly simple moving average with an initial resistance is near the $0.2480 at the 50% fib retracement level of the downward move from the $0.2659 high to the $0.2300 low. The major resistance is close to the $0.2520 level with a close to the 61% fib retracement of the downward move from the $0.2659 to the $0.2300 low. The main hurdle on the upside is close to the $0.2575 level above which the price could speed up higher to the $0.2620 level. Further gains could start another rise towards the $0.2680 and the $0.2720 level in the upcoming sessions.

If XRP fails to continue above the $0.2520 there could be a downside correction with initial support is close to the $0.2440 level. The downside break below the $0.2440 support could push the price at $0.2380 support or the 100 hourly SMA with possible losses lurking that can push the price back towards $0.2300. The hourly RSI for the pair is rising and sets above the 60 levels. The major support levels are set at $0.2440 and the $0.2380.