The latest cryptocurrencies news show that Ripple smashed the $0.2500 resistance overnight and broke many barriers, showing that it has huge potential to visit $0.3000. The price of the cryptocurrency climbed higher and traded to a new monthly high at $0.2616 against the US dollar.
As soon as XRP broke the 23.6% Fib retracement level of the recent wave from a $0.2340 low to a $0.2616 high, we saw the price trading to a new monthly high at $0.2616 but is now correcting lower. As Ripple smashed the new price point, the bulls are likely to emerge and could soon help the cryptocurrency post new highs.
The price is right now correcting lower but the dips supported near the $0.2480 and $0.2450 are constant. There is also a short-term declining channel or a bullish flag that is forming with resistance near $0.2580 but the fact that XRP/USD is solid now brings a lot of positive vibes for numerous analysts.
The hourly chart of the XRP/USD pair shows that as Ripple smashed $0.2500, it started surging again with a 2.62% upsurge on the day towards a new resistance which is now set at $0.2616. On the upside, an immediate resistance is near the $0.2550 and $0.2580 levels. A successful break above $0.2580 might start another surge above the $0.2600 level.
In this mentioned case, the price of Ripple is expected to climb higher towards $0.2650 and $0.2750 levels. The main target for the bulls could now be $0.3000 in the coming sessions. Ripple smashed a lot of resistance points so far and the 100 hourly simple average is strong. If the price fails to stay above the 100 hourly simple moving average, it could continue to move down towards the $0.2320 support.
The technical indicators for XRP today are as following:
- Hourly MACD – The MACD for XRP/USD is currently slow and moving in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level, showing positive signs.
- Major Support Levels – $0.2500, $0.2480 and $0.2450.
- Major Resistance Levels – $0.2550, $0.2580 and $0.2650.
Aside from the Ripple news which are showing great big moves, there are many other prosperous coins which could soon post surges in the same way. In the top 20, these include Ethereum Classic (ETC) and Tezos (XTZ), both of which surging by 3% and 10% on the day, respectively.
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