XRP Dips Could Be Extremely Attractive To The Bulls: Analysis

XRP dips could be a great possibility to the bulls as Ripple rallied further by 4% to the $0.2550 resistance level against the US Dollar so let’s find out more in our Ripple XRP news.

Ripple extended the rally above the $0.2520 and the $0.2550 resistance levels against the US dollar as the price traded to the new weekly high of $0.2589 and even settled above the 100 simple moving average. There was even a break above the bearish trend with a resistance close to the $0.2425 on the 4-hour charts of the pair. The pair could correct lower but the previous resistance is getting close to the $0.2550 which could provide support.

There was also a sharp rise in Ripple above the $0.2450 resistance level as XRP spiked above the $0.2500 resistance and tested the key $0.2550 resistance with a break above a significant bearish trend line at the $0.2425 on the 4-hour chart of the pair. There was a minor downside correction to the $0.2450 support level as the bulls remained active above $0.2450 and the price even launched a new rally. It broke the important hurdles close to the $0.2500 to move into a positive zone while XRP traded to a new weekly high at $0.2589 settling above the 100 simple moving average.

As XRP is now consolidating gains close to the $0.2560, there’s a support on the downside is near the $0.2550 level while the first key support is getting closer to the $0.2520 level or the 23% fib retracement level from the rally at $0.2293 low to the $0.2589 high. These levels are short-term hurdles with a close above the $0.2600 resistance that will open the doors for gains at $0.2680 in the near-term. If XRP starts a downside correction, the $0.2520 level could provide support while the XRP dips could attract more bulls in the near future close to the $0.2500 level.

Further losses could lead the price to the $0.2400 and the 100 simple moving average with technical indicators for the pair gaining pace in the bullish zone. The 4-hour RSI for the pair is well above the 60 levels in overbought conditions. The major support levels include $0.2550, $0.2520, and $0.2450 while the major resistance includes 2450 while the major resistance includes $0..
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2580, $0.2620, and $0.2700. As recently reported in our ripple price 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.