The ripple rose over 40% and even broke the $ 0.4500 resistance against the US dollar. The weekly XRP price chart suggests high chances for further upward moves towards USD 0.6000 and USD 0.7500.
- Ripple started a sharp surge after breaking the $ 0.3000 resistance zone against the US dollar.
- The price even broke the $ 0.4000 resistance and was well above the 100-week simple moving average.
- The weekly chart for the XRP / USD pair (data source from Kraken) broke above a key bearish trendline with resistance near USD 0.2950.
- The pair remains high and the bulls could target a test of $ 0.6000 or even $ 0.7500.
Ripple’s XRP Price Up 40%
For the past few days, Ripple’s XRP price has soared sharply above the USD 0.3000 resistance zone. The price picked up pace after a decent close above $ 0.3000 and the 100-week simple moving average.
More importantly, the weekly chart for the XRP / USD pair broke above a key bearish trendline with resistance near $ 0.2950. It opened the doors for a sharp rise above $ 0.3200 and $ 0.3500. The price even rose above the 61.8% fib retracement level of the main decline from $ 0.5081 to $ 0.1131.
Ripple price was above the $ 0.4000 resistance and rising towards $ 0.5000. The price is now trading above the 76.4% fib retracement level of the main decline from the swing high of $ 0.5081 to the swing low of $ 0.1131.
Source: XRPUSD on TradingView.com
The current weekly candlestick appears to be positive and it seems that there are opportunities for further upward movement above $ 0.5000 and the high of $ 0.5080. The next target for the bulls could be a $ 0.6000 level. Further gains could open the doors for a rally towards the $ 0.7500 level.
The 1.618 Fib extension level of the main decline from $ 0.5081 to $ 0.1131 at $ 0.7522 could be the bulls’ target in the coming weeks.
Dips Limited in XRP?
If the ripple fails to reach the $ 0.5000 and $ 0.5080 resistance levels, a downward correction may occur. The first major support is near the $ 0.4150 level.
The next big support is near the $ 0.3550 level (a multi-touch zone) below which price could drop towards the $ 0.3000 breakout zone and the 100-week simple moving average .
4 Hour MACD – The MACD for XRP / USD is now picking up pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 70 level.
Major support levels – $ 0.4150, $ 0.3850, and $ 0.3550.
Main Resistance Levels – $ 0.5000, $ 0.5080, and $ 0.6000.