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