Ripple (XRP) Bulls Not Out of Woods, Risk of Sharp Rally Grows

By February 6, 2020 Ethereum
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Ripple is rising steadily above $0.2800, while ETH and BTC rallied in the past three sessions against the US Dollar. XRP price is likely to continue higher towards $0.2950 and $0.3000.

  • Ripple price is slowly climbing higher and it recently surpassed $0.2850 against the US dollar.
  • The price traded as high as $0.2880 and it is currently correcting lower.
  • There is a major ascending channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The bulls are likely to remain in action and there are high chances of more upsides towards $0.3000.

Ripple Price Remains In Uptrend

In the past three sessions, there was a strong rally in Ethereum above $200 and $210, but ripple failed to match gains. XRP price climbed higher steadily and remained stable above the $0.2800 level.

Moreover, there was a close above the $0.2800 level and the 100 hourly simple moving average. Finally, it surpassed the $0.2850 resistance and traded to a new 2020 high at $0.2880.

It is currently correcting lower from $0.2880. An initial support is near the $0.2825, which is the 23.6% Fib retracement level of the recent upward move from the $0.2644 low to $0.2800 high.

On the downside, there is a strong support forming for ripple near the $0.2800 level. Moreover, there is a major ascending channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair.

Ripple Price
Ripple Price

On the upside, an initial hurdle is near the $0.2880 level. A successful break above the $0.2880 level might start a steady rise towards the $0.2950 and $0.2980 levels. The main resistance on the upside is still near $0.3000.

Dips Remain Supported

As mentioned, there are key supports forming near the $0.2800 level. If there is a downside break below the channel support, the price could test the $0.2760 area.

Besides, the 50% Fib retracement level of the recent upward move from the $0.2644 low to $0.2800 high is near the $0.2760 level. The main support is near the $0.2700 area (the recent breakout zone).

Overall, ripple price remains in a decent uptrend and the bulls are likely to aim a test of $0.3000 in the near term as long as there is no close below the 100 hourly SMA.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.

Major Support Levels – $0.2825, $0.2800 and $0.2760.

Major Resistance Levels – $0.2880, $0.2950 and $0.3000.

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