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

In the past three sessions, there was a strong in Ethereum above $200 and $210, but failed to match gains. 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 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.

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