Ripple price started a gigantic rally above the $0.3260 resistance against the USD. XRP surged close to 20% and broke many important resistances near $0.3500 and $0.3640. The price is likely to accelerate further towards $0.4000, $0.4050 or even $0.4120.
- Finally, there was a strong rise in ripple price above the $0.3500 resistance.
- XRP broke a major bearish trend line with resistance near $0.3300 on the 4-hours chart.
- The price is now trading above $0.3740 and it could soon test $0.4120.
Read: Trade at Pepperstone
Ripple Price Analysis (XRP to USD)
In the past two sessions, there were sharp gains in bitcoin, ripple, Ethereum, bitcoin cash, tron, EOS, litecoin, binance coin and cardano. XRP/USD started a massive upward move after it cleared the $0.3260 and $0.3300 resistance levels.
Click to Enlarge Chart
Looking at the 4-hours chart of XRP/USD, the pair formed a support base near the $0.3000 level and recently climbed above $0.3100 and $0.3200. More importantly, there was a close above the $0.3260 resistance and the 25 simple moving average (4-hours chart).
Finally, the price broke a major bearish trend line with resistance near $0.3300 on the same chart to start a strong rally. The price gained more than 17% and broke many resistances on the way up, including $0.3400, $0.3500, $0.3640 and $0.3720.
It posted a new monthly high at $0.3852 and remains in a strong uptrend. The bulls are likely to push the price above the $0.3900 and $0.3950 levels. The market target could be $0.4000, above which the price may test the $0.4120 level.
On the downside, an immediate support is near $0.3720, plush the 23.6% Fib retracement level of the recent rally from the $0.3072 low to $0.3852 high.
However, the main support is near the previous breakout level at $0.3640. The next support is near $0.3500, plus the 50% Fib retracement level of the recent rally from the $0.3072 low to $0.3852 high.
The overall trend is super bullish for ripple and it seems like XRP/USD is setting up for more gains above the $0.4000 and $0.4120 levels.
The market data is provided by TradingView, Bitfinex.