Ripple formed a support base above $1.16 and it is now rising against the US Dollar. XRP price could start a strong increase if it clears the main $1.50 resistance zone.
- Ripple is showing positive signs above the $1.20 and $1.30 resistance levels against the US dollar.
- The price is now trading well above $1.3500 and the 100 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to start a fresh rally if it clears the $1.500 resistance zone.
Ripple’s XRP Price Eyes Fresh Rally
This past week, ripple’s XRP started a downside correction from well above $1.65. XRP extended its decline below the key $1.50 support, similar to bitcoin and ethereum.
It opened the doors for a nasty spike below the $1.20 support. However, the bulls were active above the $1.15 level. A low is formed near $1.162 and the price is now rising. It broke the $1.25 and $1.30 resistance levels.Source:The triangle resistance near $1.50 holds the key. The next hurdle could be $1.56. It is near the 50% Fib retracement level of the downward move from the $1.97 high to $1.162 swing low.