XRP Confluence Resistance Could Start A Fresh Rally Soon: Analysis

The XRP confluence resistance level could start afresh rally soon as it retested the $0.2380 support zone against the US dollar. The price is now preparing for a fresh rally once it clears the 100 hourly SMA and the $0.2460 resistance region as we read further in our ripple XRP price news.

Ripple is recovering higher after it hit the $0.2380 support zone against the US dollar and the price started trading close to the $0.2420 along with the 100 hourly simple moving average. There was a key break below the major bullish trend line with a support of $0.2420 resistance and the 100 hourly simple moving average. There was also a break below the bullish trend line of support at $0.2430 on the hourly charts of the pair. After the decent upward movement above $0.2460, Ripple failed to settle at the $0.2500 level so the pair retreated to $0.2533 high and dropped below the $0.2460 support.

There was also a break below the major bullish trend line with a support of $0.2430 on the hourly charts of the pair as it traded as low as $0.2377 and staying above the $0.2380 support. The price is now rising and trading above the $0.2400 level. The XRP confluence resistance level could start a new rally as the pair broke the 23.6% Fib retracement level from the downward movement of $0.2533 high to the $0.2377 low. The price is now trading close to the $0.2420 resistance and the 100 hourly simple moving average as the bulls aim to clear the broken trend line hurdle of $0.2420. The next resistance is close. The successful close above the $0.2450 region will open the doors for another rally towards $0.2550 and $0.2620.

If Ripple fails to clear the $0.2440 and the $0.2460 resistance levels, there’s a huge risk of a fresh decline. The support on the downside is close to the $0.2410 level while the main support is still close to the $0.2380 level. the downside break below the $0.2380 support could perhaps start another bearish wave and turn the test of the $0.2300 support levels. If any further losses could push the price to the $0.2250 support zone, XRP could manage to increase higher.

The hourly MACD for the pair is gaining momentum in the bullish zone while the hourly RSI for the pair is rising and it is above the 50 level. Major support levels include $0.2410 and $0.2380.