- Ripple targets $0.30 but the bulls must first break above $0.28 stubborn resistance level.
- The 61.8% Fibonacci level is in line for support in the case a reversal occurs.
Ripple price is outperforming other major coins on the market with impressive gains on the day. The intraday rates show XRP having gained 8.5% in value on Monday from an opening price of $0.2556. XRP has touched a high of $0.2792 but adjusted to the current $0.2768 (on Coinbase).
Besides the increasing volume, Ripple was given a boost by a breakout move above the symmetrical triangle resistance. The triangle pattern had been information since the devastating plunge on September 24. Despite the lethargic trading activities, XRP maintained a shallow uptrend supported by the ascending trendline.
XRP/USD one-hour chart
The breakout during the Asian and European sessions on Monday also embraced support from the moving averages. Both the 50 MA on the hourly chart and the 100 SMA allowed the buyers to focus on higher levels. Moreover, the double-cross of the 50 MA above the longer-term 100 SMA at 0.2496 (Fibonacci 23.6% level) signaled a higher consolidation for the price in the coming sessions.
The relative strength index (RSI) double-down on the positive technical with a grand entrance into the overbought region. The upward movement shows that Ripple bulls have the potential stir action towards $0.3.
Glancing upwards, the journey to $0.30 will depend on the bulls’ ability to thrust XRP above $0.28 (short-term resistance). However, a lack of action could also give the sellers an opportunity to push for revenge. Traders need to be on the lookout for the RSI retreat below the overbought which is likely to signal a reversal. In case that happens, the 61.8% Fib level will come out as the short-term support.
Key Technical Levels
Spot rate: $0.2768
Resistance: $0.28 and $0.30
Support: 61.8% Fibo, 23.6% Fibo and 0.24.