Ripple (XRP) Breaking This Variable Will Spark A Strong Rally To $0.26

After forming a support base above $0.2240 and $0.2260, ripple started a decent increase against the US Dollar. XRP price broke the $0.2320 resistance area and the 100 hourly simple moving average.

Furthermore, there was a break above the 23.6% Fib retracement of the downward move from the $0.2540 high to $0.2240 swing low. However, the price faced a strong resistance near the $0.2400 area and it seems to be struggling to settle above the 100 hourly SMA.

More importantly, yesterday’s followed important bearish trend line is active with resistance near $0.2385 on the hourly chart of the XRP/USD pair.

The trend line coincides with the 50% Fib retracement level of the downward move from the $0.2540 high to $0.2240 swing low. Therefore, ripple price must surpass the trend line and the $0.2400 resistance to continue higher in the near term.

A successful close above $0.2400 could start a strong rally and the price is likely to rise towards the $0.2500 and $0.2550 . Any further might lead the price towards the $0.2600 area.

What If XRP Fails Near $0.2400?

If XRP fails to continue above the $0.2400 resistance, it could resume its decline. The first major support on the downside is near the $0.2300 level (the neckline support).

If there is a clear break below the $0.2300 support, ripple could accelerate its decline towards the $0.2240 support zone in the coming sessions. Any further losses may perhaps call for a test of the $0.2120 support.


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