Ripple price is gaining bullish momentum

Ripple price is gaining bullish momentum

Ripple XRP price is gaining bullish momentum above the $0.2600 resistance area against the US dollar.
The XRP price is up around 5% and it recently broke the $0.2650 resistance area.

There is a connecting XRP bullish price trend line forming with support near $0.2550 on the hourly chart of the XRP/USD pair.

Ripple price is gaining bullish momentum


The Ripple price remains supported on dips and it could continue to rise towards the $0.2720 resistance.

XRP is rallying towards $0.2720 against the US Dollar, while bitcoin and Ethereum are sliding. ripple price might continue to rise towards $0.2720 or $0.2750.

Last week, XRP price made many attempts to surpass the $0.2620 and $0.2650 resistance levels against the US Dollar. However, the XRP/USD trading pair failed to climb up above $0.2650 and traded in a range. Finally, the Ripple bulls had an upper hand and the price rallied recently after forming a base near $0.2550. There was a sharp price rise above the $0.2600 resistance level and the 100 hourly simple moving average.

Moreover, the Ripple price broke the $0.2620 and $0.2650 resistance level. It opened the uptrend doors for more gains and the ripple price traded towards the $0.2700 level. A high level was formed near $0.2691 and the price is currently retreating from highs. Immediate support level is near the $0.2650 level. It coincides with the 23.6% Fibonacci retracement level of the recent rally from the $0.2514 low to $0.2691 high.

On the downside momentum, there are many support levels near the $0.2620 and $0.2600 levels. Additionally, the 50% Fibonacci retracement level of the recent rally from the $0.2514 low to $0.2691 high is near $0.2600 level. More important, there is a connecting bullish uptrend line pattern forming with support near $0.2550 on the hourly chart of the XRP/USD pair. Therefore, dips from the current price might find bids near $0.2620 or $0.2600.

The main resistance is near the $0.2550 level. On the upside, immediate resistance is near the $0.2700 level. If there is an upside break pattern above $0.2700, the price could test $0.2720 or even $0.2750 in the short term.

Looking at the chart, the ripple price is clearly surging with a positive bias above $0.2620. There are high chances of it extending more gains above the $0.2700 and $0.2720 resistance levels in the coming sessions. Conversely, if there is a downside break correction, the bulls might protect the $0.2650 and $0.2620 levels.

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