- The breakout at $0.32221 placed Ripple in a formidable uptrend.
- Ripple is poised for more upside correction as long it stays above the positive zone at $0.3300 – $0.3350.
The trading yesterday saw a decent move in Ripple price above the short-term support at $0.3200. The price struggled with the resistance at the 23.6% Fib retracement level taken between the last upswing at $0.3697 and a downswing of $0.3144. A break occurred above the 100 simple moving average (SMA) 1-hour which opened the door for more gains past $0.3300 resistance level.
Prior to the gains on Wednesday, XRP/USD had battled the seller congestion at the trendline resistance on Monday. The breakout at $0.32221 placed Ripple in a formidable uptrend that has seen it record higher highs and higher lows and as a result, XRP entered a bullish zone above $0.3350. The surge culminated in a significant upward move past $0.3400 resistance level and formed an intraday high at $0.3500 (marginally above the 61.8% Fib level).
An ongoing retracement from the weekly high, $0.3500 is testing the weak support at the 50% Fib level while XRP/USD is exchanging hands at $0.3453. Further dips below this level will remain support at the positive zone observed around $0.3300 – $0.3350. A retracement might be necessary to ensure that there is more buying interest in the positive zone for an assault on the coveted $0.3700 monthly high.
Other support levels include the 26.3% Fib retracement level close to $0.3274. The 100 SMA 1-hour currently at $0.3282 is also in a position of offer support. $0.3200 is important to support while the key support lies at $0.3139. On the upside, a break above the critical resistance at $0.3500 will pave the way for a surge towards the monthly high at $0.3700; a move that is expected to launch XRP into a bullish trajectory that would take it above $0.4000.
In the meantime, XRP/USD is trading above a key positive area at $0.3300 – $0.3350. This means that Ripple is still poised for more upside correction as long as it stays above the positive zone.
Ripple [XRP] Key Technical Indicators
MACD 1-hour: +0.0050 (trending upwards).
RSI 1-hour: 64.25 (after rejection from the overbought zone)
Support 1: $0.3300 – $0.3350
Support 2: $0.3200
Primary support: $0.3139
Resistance 1: $0.3500
Resistance 2: $0.3600
Key resistance: $0.3700
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