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Ripple [XRP] Price Analysis: Climbs into a Positive Zone – Eyes Glued On $0.3700

ripple-xrp-price-analysis-climbs-into-a-positive-zone-eyes-glued-on-0-3700
  • 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.

XRP Price Analysis Chart Source: TradingView

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.

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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

The post Ripple [XRP] Price Analysis: Climbs into a Positive Zone – Eyes Glued On $0.3700 appeared first on Coingape.