Ripple price started a gigantic rally above the $0.3260 resistance against the USD. XRP surged close to 20% and broke many important resistances near $0.3500 and $0.3640. The price is likely to accelerate further towards $0.4000, $0.4050 or even $0.4120.
- Finally, there was a strong rise in ripple price above the $0.3500 resistance.
- XRP broke a major bearish trend line with resistance near $0.3300 on the 4-hours chart.
- The price is now trading above $0.3740 and it could soon test $0.4120.
Ripple Price Analysis (XRP to USD)
In the past two sessions, there were sharp gains in bitcoin, ripple, Ethereum, bitcoin cash, tron, EOS, litecoin, binance coin and cardano. XRP/USD started a massive upward move after it cleared the $0.3260 and $0.3300 resistance levels.
Click to Enlarge Chart
Looking at the 4-hours chart of XRP/USD, the pair formed a support base near the $0.3000 level and recently climbed above $0.3100 and $0.3200. More importantly, there was a close above the $0.3260 resistance and the 25 simple moving average (4-hours chart).
Finally, the price broke a major bearish trend line with resistance near $0.3300 on the same chart to start a strong rally. The price gained more than 17% and broke many resistances on the way up, including $0.3400, $0.3500, $0.3640 and $0.3720.
It posted a new monthly high at $0.3852 and remains in a strong uptrend. The bulls are likely to push the price above the $0.3900 and $0.3950 levels. The market target could be $0.4000, above which the price may test the $0.4120 level.
On the downside, an immediate support is near $0.3720, plush the 23.6% Fib retracement level of the recent rally from the $0.3072 low to $0.3852 high.
However, the main support is near the previous breakout level at $0.3640. The next support is near $0.3500, plus the 50% Fib retracement level of the recent rally from the $0.3072 low to $0.3852 high.
The overall trend is super bullish for ripple and it seems like XRP/USD is setting up for more gains above the $0.4000 and $0.4120 levels.
The market data is provided by TradingView, Bitfinex.