Ripple traded to a new monthly high above $0.2400 against the US Dollar. XRP price is currently up over 8% and it is likely to continue higher towards $0.2500.
- Ripple started a strong increase above the $0.2250 and $0.2320 resistance levels against the US dollar.
- The price traded to a new monthly high at $0.2411 and settled well above the 100 hourly SMA.
- There is a crucial bullish trend line forming with support near $0.2260 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct lower, but dips are likely to find buyers near the $0.2350 and $0.2320 levels.
Ripple Price Could Test $0.25
After bitcoin started a downside correction, ripple gained bullish momentum above the $0.2250 resistance area. XRP price broke a major hurdle near $0.2320 and the 100 hourly simple moving average.
It opened the doors for more gains above the $0.2350 level. The price traded to a new monthly high at $0.2411 and it is currently consolidating gains. An initial support on the downside is near the $0.2380 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.2171 swing low to $0.2411 high.
Ripple price breaks $0.2400. Source:There is also a crucial bullish trend line forming with support near $0.2260 on the hourly chart of the XRP/USD pair. On the upside, the pair could struggle to clear the $0.2420 resistance.