Ripple Runs Into Major Resistance Level At $0.255: XRP Analysis

Ripple runs into a major resistance level of $0.255, increasing by 6% against the US dollar. The XRP price is still struggling to clear the key resistance levels above $0.2550 as we are reading more in today’s Ripple XRP news.

Ripple gained bullish momentum and surpassed the $0.2450 zone against the US dollar. The price ran into the main $0.2550 resistance and settled above the 100 hourly simple moving average with a break above the key bearish trend line with resistance close to $0.2420 on the hourly charts of the pair. The pair will likely resume the upwards movement as long as it is holding above the $0.2400 support zone.

After the sustained bearish wave, Ripple runs into a new support wave of $0.2295. XRP formed a support base above $0.2300 and is now starting another upward movement. There was a clear break above the 100 hourly simple moving average to start the current price increase with a break as well above the key bearish trend line with resistance close to the $0.2420 on the hourly charts of the pair. Ripple gained bullish momentum and surged above the $0.2450 resistance level as the price climbed above $0.2520 eventually ran into the resistance at $0.2550.

A high was formed close to the $0.2544 and is now correcting lower as the price is trading below the 23.6% fib retracement level of the recent wave from the $0.2321 low to the $0.2544 high. The first major support will be formed near the $0.2440 level of the 50% fib retracement level of the recent wave at $0.2321 low to $0.2544 high. On the upside, the price is facing a huge resistance level at $0.2550.

To start a strong upward movement, the price has to surpass the $0.2540 and the $0.2550 levels while the next key resistance is close to the $0.2620 level. If ripple fails to continue the higher movement, there are a few changes in a fresh decline. Initial support on the downside is closer to the $0.2474 level. The key support for the bulls is near the $0.2440 level while a clear break below this level could put pressure on the bulls. The price could even revisit the $0.2380 support. The hourly RSI for the pair is correcting lower towards the 60 levels.