Ripple extended its rally above the $1.200 resistance zone before correcting lower against the US Dollar. XRP price is now consolidating gains and it is likely to rally again above $1.400.
- Ripple rallied towards $1.50 before correcting lower against the US dollar.
- The price is now trading well above $1.1500 and the 100 simple moving average (4-hours).
- There is a key contracting triangle forming with support near $1.3100 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to start a fresh rally if it clears the $1.400 resistance zone.
Ripple’s XRP Price Remains Well Supported
In the past few days, ripple’s XRP saw a strong surge above $1.0000, unlike bitcoin and ethereum. XRP broke many hurdles near $1.200 to move further into a positive zone.
The price even rallied above $1.400 before the bears appeared near $1.485. A high was formed near $1.481 and recently there was a downside correction. The bears were able to push the price below the $1.420 and $1.400 support levels. There was a break below the 23.6% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high. However, the price is still trading well above $1.250 and the 100 simple moving average (4-hours).
Source:There is also a key contracting triangle forming with support near $1.310 on the 4-hours chart of the XRP/USD pair. The pair is placed nicely above the 50% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high. On the upside, the $1.3800 level is an immediate resistance. The next major resistance is near the $1.400 level. A successful close above the $1.400 level is likely to start a fresh rally towards $1.500 and $1.650.