Finally, ripple buyers came into action after a strong rise in bitcoin price above $8,000. XRP rallied more than 20% today and surged above the $0.3650 and $0.3850 resistance levels. It may continue to climb higher towards $0.4050 and $0.4150.
Key Takeaways: XRP/USD
- Ripple price climbed higher sharply above the $0.3550 and $0.3850 levels against the US Dollar.
- XRP/USD is currently trading inside a triangle pattern with support near $0.3680 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price surged above $8,250 and Ethereum price climbed above $205.00 today.
Ripple Price Analysis
Despite a strong rise in bitcoin price in the past few days, ripple price struggled to gain bullish momentum. However, XRP bulls finally came into action today, pushing the price up more than 20%. The price rallied above the $0.3550 resistance level to move into a strong uptrend.
Looking at the 2-hours chart, ripple price formed a decent base near the $0.3060 level and settled above the 50 simple moving average (2-hours, purple). It opened the doors for a strong rally and the price broke the $0.3280 resistance level.
More importantly, the price climbed above the key $0.3340 resistance level to start a strong rise. There were back-to-back green candle, with a large body. The price even broke the $0.3550 and $0.3850 resistance levels.
The upward move was such that the price even spiked above the $0.4000 level and traded as high as $0.4045. Recently, the price corrected lower below $0.3850 and the 23.6% Fib retracement level of the rally from $0.3212 to $0.4045.
However, the $0.3650 level acted as a strong support and the price remained well above the 50% Fib retracement level of the rally from $0.3212 to $0.4045.
At the moment, the price is trading inside a triangle pattern with support near $0.3680 on the same chart. The triangle resistance is at $0.3880, above which ripple price is likely to start a fresh increase towards $0.4000 or even $0.4150 in the near term.
On the downside, the main supports are near $0.37000 and $0.3650, below which XRP could retest the $0.3550 support level.