Key Reasons Why Ripple (XRP) Price Could Surge Past $0.25

Tuesday 15 September 2020, 7:15 PM AEST - 6 days ago

Ripple is recovering above the $0.2450 resistance against the US Dollar. The current technical structure suggests XRP price is likely to surge above $0.2500 and $0.2550.

  • Ripple is slowly gaining bullish momentum above the $0.2450 resistance against the US dollar.
  • The price is trading near the $0.2500 resistance, but it is above the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $0.2470 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could accelerate higher if it clears the $0.2500 and $0.2550 resistance levels.

Ripple Price Likely To Accelerate Higher

In the past three sessions, there was a decent recovery in ripple above the $0.2400 level. XRP price broke the $0.2450 resistance level and the 100 hourly simple moving average to start the current recovery.

There was a break above the 50% Fib retracement level of key decline from the $0.2535 swing high to $0.2380 swing low. The price is now testing the $0.2480 and $0.2500 resistance levels.

The 76.4% Fib retracement level of key decline from the $0.2535 swing high to $0.2380 swing low is also near the $0.2500 level. More importantly, there is a key bullish trend line forming with support near $0.2470 on the hourly chart of the XRP/USD pair.

Ripple (XRP) Price

The current price action is positive, a close above the 100 hourly SMA, and the recent rise in bitcoin, bitcoin cash and ethereum are key reasons why ripple price might continue to rise above the $0.2480 and $0.2500 levels.

The next resistance is near the $0.2550 level. A successful close above the $0.2550 zone could open the doors for a strong rise towards the $0.2650 and $0.2700 resistance levels in the near term.

Another Failure in XRP?

If ripple fails to clear the $0.2480 and $0.2500 resistance levels, there could be a bearish reaction. An initial support on the downside is near the trend line at $0. ...

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