Key Reasons Why Ripple (XRP) Price Could Surge Past $0.25

2020-9-15 10:48

Ripple is recovering above the $0.2450 resistance against the US Dollar. The current technical structure suggests XRP price is likely to surge above $0.2500 and $0.2550.

Ripple is slowly gaining bullish momentum above the $0.2450 resistance against the US dollar. The price is trading near the $0.2500 resistance, but it is above the 100 hourly simple moving average. There is a key bullish trend line forming with support near $0.2470 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could accelerate higher if it clears the $0.2500 and $0.2550 resistance levels. Ripple Price Likely To Accelerate Higher

In the past three sessions, there was a decent recovery in ripple above the $0.2400 level. XRP price broke the $0.2450 resistance level and the 100 hourly simple moving average to start the current recovery.

There was a break above the 50% Fib retracement level of key decline from the $0.2535 swing high to $0.2380 swing low. The price is now testing the $0.2480 and $0.2500 resistance levels.

The 76.4% Fib retracement level of key decline from the $0.2535 swing high to $0.2380 swing low is also near the $0.2500 level. More importantly, there is a key bullish trend line forming with support near $0.2470 on the hourly chart of the XRP/USD pair.

Ripple price trades above $0.2450. Source: TradingView.com

The current price action is positive, a close above the 100 hourly SMA, and the recent rise in bitcoin, bitcoin cash and ethereum are key reasons why ripple price might continue to rise above the $0.2480 and $0.2500 levels.

The next resistance is near the $0.2550 level. A successful close above the $0.2550 zone could open the doors for a strong rise towards the $0.2650 and $0.2700 resistance levels in the near term.

Another Failure in XRP?

If ripple fails to clear the $0.2480 and $0.2500 resistance levels, there could be a bearish reaction. An initial support on the downside is near the trend line at $0.2470.

The main support is forming near the $0.2440 level and the 100 hourly simple moving average. A downside break below the $0.2440 support and the 100 hourly simple moving average could lead the price towards the $0.2380 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level with positive signs.

Major Support Levels – $0.2470, $0.2440 and $0.2380.

Major Resistance Levels – $0.2480, $0.2500 and $0.2550.

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Ripple (XRP) на Currencies.ru

$ 0.516 (-0.16%)
Объем 24H $649.387m
Изменеия 24h: -1.19 %, 7d: 4.80 %
Cегодня L: $0.5077 - H: $0.5177
Капитализация $28.528b Rank 7
Цена в час новости $ 0.2455 (110.18%)

ripple above surge price xrp structure suggests

Источник: newsbtc.com

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