Ripple price started a fresh increase above the key $0.2660 resistance against the US dollar.
The price is currently showing a lot of positive signs above the $0.2800 resistance area.
There was a break above a major contracting triangle with resistance near $0.2580 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The price is likely to climb further higher towards the $0.3000 and $0.3200 resistances.
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Coinspeaker Cointelegraph Announces Its New Consulting Division to Support Blockchain AdoptionFamous cryptocurrency website Cointelegraph announced on Friday it is launching its own consulting allotment in order to enable the biggest companies to adopt blockchain as such. With that in mind, Cointelegraph plans to focus on thoroughly chosen blockchain participants that will be able to fulfill […]
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Ripple price is gaining bullish momentum above $0.2800 against the US Dollar. XRP price remains well supported and it could rise steadily towards $0.3000 or $0.3200.
Ripple Price Analysis
This past week, there was a support base formed above the $0.2450 level in ripple price against the US Dollar. As a result, XRP price started a fresh increase above the $0.2500 resistance level. Moreover, there was a close above the $0.2500 resistance level and the 55 simple moving average (4-hours). It opened the doors for more gains above the $0.2550 resistance area.
During the rise, there was a break above a major contracting triangle with resistance near $0.2580 on the 4-hours chart of the XRP/USD pair. Finally, the price broke the $0.2660 resistance area and traded towards the $0.2860 resistance area. A new monthly high was formed near $0.2876 and the price recently corrected lower (similar to bitcoin, Ethereum and bitcoin cash). It broke the $0.2750 level, plus the 23.6% Fib retracement level of the upward move from the $0.2422 low to $0.2876 high.
However, the decline was protected by the key $0.2660 support area (the previous resistance). Additionally, the 50% Fib retracement level of the upward move from the $0.2422 low to $0.2876 high provided support. More importantly, ripple price remained stable above $0.2660 and the 55 simple moving average (4-hours). As a result, the price started a fresh increase and it is currently trading nicely above $0.2850.
It seems like the price could continue to rise towards the $0.2920 resistance. The main resistance on the upside is near the $0.3000 area, above which the price could even climb towards the $0.3200 resistance. If there is a downside correction, an immediate support is near the $0.2800 level. The main supports are near $0.2760, the 55 SMA, and the $0.2660 pivot level.
Looking at the chart, ripple price is clearly trading in a positive bias above the $0.2800 level and the 55 SMA. Therefore, there are high chances of more upsides towards the $0.3000 and $0.3200 resistances in the coming days.
4 hours MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level.
Key Support Levels – $0.2800, $0.2780 and $0.2660.
Key Resistance Levels – $0.2920 and $0.3000.
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