Ripple’s XRP price is gaining an uptrend against the US dollar at $0.2920 and $0.2950 resistances. Ripple price is set to continue gaining momentum despite some minor setbacks. If it breaks the $0.3040 resistance area, the price is likely to reach towards the $0.3120 level. MATIC and LINK altcoins, on the other hand, still surges with its 8% gain in just the past few hours.
XRP Price Analysis
From the predicted fresh increase to $0.2950 of Ripple’s price against the US Dollar yesterday, it still stayed well bid at the moment. The XRP price remained above the support levels of $0.2850 and $0.2880.
Because of this, there is now a fresh growth on the price. XRP price surged over the $0.2920 resistance, plus gaining a fresh increase towards the 100 simple moving average per hour. More than that, the price sets a fresh pace and is gaining momentum as it broke the key resistance level of $0.2950.
The key bearish trend mark highlighted yesterday was breached with about $0.2940 resistance on the XRP/USD pair hourly chart. The XRP/USD pair surged over the $0.3000 resistance area and gained above 3% as of today.
However, not all is well as Ripple continues to face obstacles as it gets closer to the $0.3030 and $0.3040 resistances. The price is testing the recent rally’s 23.6% Fib retracement level from the $0.2890 minimum to $0.3031 max.
The recent rally’s 50% Fib retracement level between $0.2890 and $0.3031 is close to the $0.2960, providing strong support, however. The downside is that a lot of support is close to the $0.2940 and $0.2960 levels.
If a successful close happens, under $0.2920 level could increase the cost back to $0.2850 support. But if additional losses are to occur, the next major support would be at $0.2920 and near the broken trend line.
Fortunately, there will be key obstacles nearing the $0.3030 and $0.3020 resistance levels. If the price is to gain momentum and surge over the $0.3040 level, XRP price should accelerate much higher. Then, the next key hurdle would be close to the $0.3120 level.
From the chart, XRP price is shown gaining momentum over $0.2940 and $0.2920. While there might be some minor pullback to expect in the short term, the Ripple’s price is set to find support as it gets closer to $0.2920 and $0.2960.
Technical Indicators
Hourly MACD – The XRP/USD pair’s hourly MACD is seeing an uptrend in the bullish zone at the moment.
Hourly Relative Strength Index (RSI) – the XRP/USD pair’s RSI is gaining momentum and turning over the 60 levels.
Major Resistance Levels – $0.3030, $0.3040, and $0.3120
Major Support Levels – $0.2920, $0.2940, and $0.2960
