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An XRP bullish breakout forms and could take the cryptocurrency to $0.35 as it is holding the gains above $0.2800 against the US Dollar. The XRP price will likely shoot higher towards $0.35 once it manages to clear the $0.3100 resistance zone as we are reading more in today’s Ripple XRP news.
Ripple is showing a few positive signs above $0.2680 against the US dollar and the price is now facing a huge hurdle at $0.3100 but it is above the 100 simple moving average with a key contracting triangle forming with the resistance near $0.30 on the 4-hour charts of the pair. The XRP/USD pair is likely to speed up higher to $0.35 once it clears the $0.3100. there was a sharp increase in Ripple’s XRP price as it managed to break the $0.300 resistance. The price then climbed above the $0.3100 and the $0.320 resistance levels but then struggled near the $0.3300. A new high was formed near the $0.3302 before the price was able to correct it lower as an XRP bullish breakout forms.
XRP broke the $0.310 support and spiked below this level but the bulls defended the $0.28 zone and then the 100 simple moving average with a new low is formed at $0.2811 with the price consolidating in the range. It recovered above the 23.6% fib retracement level from the downwards move at $0.3302 high to the $0.2811 with a key contracting triangle forming with resistance close to the $0.30 level on the 4-hour charts of the XPR/USD pair.
The triangle resistance is now close to the 50% fib retracement level from the downward move from $0.3302 high to $0.2811 low so breaking above this resistance could start a break above the $0.3100 resistance. The successful close above these levels could open the doors for a steady increase while the next hurdle could be set at $0.330 above which the price is able to test the $0.3500 level. If ripple doesn’t break the $0.300 resistance level, it could correct lower with the major nearing the $0.2880 zone and the 100 SMA.
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A downside break below this triangle trend line and the 100 SMA will speed up the losses so in this case, the price will decline sharply to the $0.260 support zone in the near-term. The 4-hour MACD for the pair is showing positive signs in the bullish zone while the 4-hour RSI is well above the 50 levels.
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