Ripple price trading in positive zone above $0.292 support, likely to continue higher if it clears the $0.3055 resistance
Ripple price is trading in a positive zone above the $ 0.292 support zone. XRP price is likely to continue higher if it clears the $ 0.3055 resistance zone.
Ripple price gained bullish momentum and settled above the $ 0.292
After forming a support base near $ 0.275, XRP initiates a new up move. XRP price broke the $ 0.2850 and $ 0.292 resistance level to turn into the positive zone.
The price even climbed above $ 0.3 and settled above the 100 hourly simple moving average. However, the bulls appear to be facing a tough task close to $ 0.3055 and $ 0.306.
A recent high was formed near $ 0.3074, and the price is currently consolidating the gains. It fell below the 23.6% Fib retracement level of the move up from the $ 0.22299 low to the $ 0.3074 high. It looks like the price is holding a few important supports near $ 0.295 and $ 0.292.
Ripple price above $0.295 | Source: TradingView.com
There is also a significant uptrend line forming with support near $ 0.296 on the hourly chart of the XRP/USD pair. Below the trendline, the 100-hour SMA is close to $ 0.295. Significant support is currently forming near $ 0.292.
On the upside, Ripple’s supporters are facing massive resistance near $ 0.3055. A successful close above $ 0.3055 and $ 0.306 could open the doors for a strong rally in the coming sessions.
There is a key base of support forming near $ 0.292. If the Ripple fails to sustain above $ 0.2920, it can test the 50% Fib retracement level of the rally from the $ 0.22999 low to the $ 0.3074 high.
Any further losses can cause a downside break, and the price can drop to the support levels of $ 0.2850 and $ 0.281.
Read more:
- Ripple CEO Addressed The Criticism Surrounding XRP And Confirms Has No Plans To Change Its Strategy
- XRP Price May Reclaim The Region Where The 2017 Bull Run Kicked Off, Coupled With A Massive Bull Flag Could Soon Send It Up Towards $ 1