Ripple extended its rally above the $0.8000 resistance zone against the US Dollar. XRP price even tested $0.9500 and it is now consolidating gains.
- Ripple started a strong surge above the $0.8000 and $0.9000 levels against the US dollar.
- The price is now trading nicely above $0.8000 and the 100 simple moving average (4-hours).
- There was a break above a couple of bullish continuation patterns at $0.6000 and $0.7180 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is now consolidating gains and it might continue to rise towards $1.00 in the near term.
Ripple’s XRP Price Extends Rally
In the past three sessions, ripple’s XRP gained strength above $0.6000, unlike bitcoin and ethereum. XRP broke many hurdles near $0.6500 to move further into a positive zone.
During the increase, there was a break above a couple of bullish continuation patterns at $0.6000 and $0.7180 on the 4-hours chart of the XRP/USD pair. The pair even cleared the $0.8000 and $0.9000 resistance levels. A new multiweek high is formed near $0.9443.Source:An initial support is near the $0.8550 level. It is near the 23.6% Fib retracement level of the recent surge from the $0.5688 swing low to $0.9443 high. On the upside, the $0.9000 level is an immediate resistance. The next major resistance is near the $0.9500 level. A successful close above the $0.9500 level is likely to set the pace for more gains above the main $1.00 barrier in the coming sessions.