Ripple started a fresh rally above the $1.50 barrier against the US Dollar. XRP price is likely to surge further if it clears the $1.75 and $1.80 resistance levels.
- Ripple is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar.
- The price is now trading well above $1.50 and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $1.75 resistance zone.
Ripple’s XRP Price Extends Rally
In the past few sessions, ripple’s XRP traded with a positive bias above the $1.40 support. XRP formed a support base above $1.40 and started a fresh increase, similar to bitcoin and ethereum.
The price broke many important barriers near the $1.50 level. There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair. The pair cleared the 61.8% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low. It is now trading well above $1.50 and the 100 simple moving average (4-hours). XRP is now facing hurdles near the $1.73 and $1.75 levels.
Source:It seems like the price is struggling to clear the 76.4% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low. A successful break above the $1.73 and $1.75 resistance levels could spark another rally. The next key resistance is near the $1.80 level, above which the bulls are likely to aim a test of the $2.0 level in the coming sessions.