Is XRP Preparing For A New Rally?

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Ripple (XRP) is holding on several key supports around $ 0.2800 against the US Dollar. XRP price is currently testing a significant resistance around $ 0.2980 and could rise significantly above that.

Ripple is trying to move above the $ 0.2800 and $ 0.2850 support levels against the US Dollar. The price is showing positive signs, but it faces a major hurdle near the $ 0.2980 – $ 0.3000 zone, according to analyst Aayush Jindal. There is a key bullish trend line with support near $ 0.2810 on the 4-hour chart of the XRP / USD pair. The pair could start a strong rise if it clears the $ 0.2980 and 100 simple moving average (4 hours).

XRP Price Tests Major Barriers

After a continuous downward movement, the volatility found support near the $ 0.2800 zone. A drop occurred near the $ 0.2790 level and the XRP price is currently retracing higher.

There was an upside break above the $ 0.2850 and $ 0.2900 resistance levels. The price even climbed above the 23.6% Fib retracement level of the $ 0.2790 low from $ 0.3274.

There is an Uptrend Line

There is also a key bullish trend line with support near $ 0.2810 on the 4-hour chart of the XRP / USD pair. The pair is currently trading above the $ 0.2920 pivot level, but is facing a major hurdle near the $ 0.2980 – $ 0.3000 zone. The 100 simple moving average (4 hours) is located near the $ 0.2980 level to avoid an upside break.

If there is resistance at $ 0.3000 and a clear break above the 100 SMA, there could be a sharp increase. The next hurdle is seen near the $ 0.3030 level. The downside move from $ 0.3274 to $ 0.2790 is near the 50% Fib retracement level.

See Also
86% drop in Ripple’s XRP sales

A successful close above the $ 0.3000 and $ 0.3030 resistance levels could open the doors for a continuous upward move towards the $ 0.3120 level. Any further gains could push the price to the $ 0.3250 resistance level or the $ 0.3274 rise. For bulls above $ 0.3274, the next target could be $ 0.3320.

What Happens If There Is a Decline in XRP?

If the surge does not cross the $ 0.3000 and $ 0.3030 resistance levels, there is a risk of a bearish reaction. Initial support is located below the $ 0.2880 level. A clear break below the $ 0.2850 level could set the pace for a larger drop towards the $ 0.2650 level.

The cryptocurrency was trading at $ 0.279 at the time of writing.


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