Ripple is forming a strong support base above the $0.2800 level against the US Dollar. XRP price is showing positive signs and it seems like it could rally above the $0.3100 and $0.3200 levels.
- Ripple is rising again after forming a major support base above $0.2800 against the US dollar.
- The price is currently trading above the $0.3000 level and the 100 SMA (H4).
- There was a break above a major bearish trend line with resistance near $0.2990 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise towards the main $0.3200 resistance level in the near term.
Ripple Price Is Gaining Momentum
After a substantial downside correction, ripple found support near the $0.2800 level. The price started a fresh and steady increase above the $0.2850 and $0.2920 resistance levels.
The upward move was positive, with a close above the $0.2920 level and the price is now trading well above the 100 simple moving average (4-hours). There was also a break above the 50% Fib retracement level of the downward move from the $0.3200 swing high to $0.2789 swing low.More importantly, there was a break above a major bearish trend line with resistance near $0.2990 on the 4-hours chart of the XRP/USD pair. The pair is now trading nicely above the $0.3000 level.
Ripple (XRP) price trades above $0.3000. Source:An immediate resistance is near the $0.3050 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.3200 swing high to $0.2789 swing low. A successful break above the $0.3050 level could open the doors for more gains above the $0.3120 and $0.3150 levels.