XRP Consolidates The Gains But The Rally Isn’t Over Yet

XRP consolidates the gains but it seems that the rally isn’t over yet and could rally above $1.400 so let’s read more in our latest Ripple XRP price news.

Ripple rallied towards $1.50 before correcting lower against the dollar and now the price is trading well above it and the 100 simple moving average. There’s a key contracting triangle that is forming with the support near $1.310 on the 4-hour chart of the pair which is likely to start a new rally if it clears the $1.400 resistance.

In the past few days, Ripple’s XRP had a strong surge above $1.00 unlike BTC and ETH because it broke many hurdles near $1.200 to move into the positive zone. The price rallied above $1.400 before the bears appeared near $1.485 with a new high forming towards $1.481 and there was a downside correction. The bears were able to push the price lower than $1.400 support levels and there was a break below the 23.6% fib retracement level from the upwards move from $0.8598 low to $1.481 high. The price is trading well above the $1.250 and the 100 simple moving average with a key contracting triangle forming near the support at $1.310 on the 4-hour charts of the pair which placed above the 50% fib retracement level from the upwards move at $0.8598 low to $1.481 high.

On the upside, the $1.3800 level works as an immediate resistance with the next resistnace being at $1.400. The close above $1.400 is likely to start a fresh rally towards $1.500 but if ripple fails to clear the $1.400 resistance It could correct further lower. The initial support on the downside is near the $1.310 level and the next major support is near the $1.250 level. More losses could call for a drop towards the $1.120 support and the 4-hour macd which is now losing pace in the bullish zone. XRP consolidates the gains but it looks like it won’t stop the rally anytime soon.

Also as recently reported, XLM and XRP surged 20% overnight and led Stellar’s coin to 63 cents level which was a level seen three years ago. In fact, XLM traded above 50 shortly after it hit an ATH of 93 cents back in 2018. Stellar co-founder and CTO Jed McCaleb are also satisfied as XRP also surged by 20%. XRP is now valued at $1.42 while McCaleb has billions of dollars of XPR holdings which he can sell periodically in accordance with Ripple.