Ripple, also known as Real-Time gross settlement system is used as a currency exchange and remittance network which independently serves and validates. The currency that is traded through this system is known as XRP and the transfer times are immediate here.
After struggling for 2-3weeks to surpass the main $0.2650 resistance area against the US dollar and failing to gain momentum over $0.2640 and $0.2650. At last, it showed a major Breakout pattern yesterday. It showed positive signs by forming $0.2650 resistance level on the hourly chart of XRP/USD pair.
The pair even reached its peak and broke the main of $0.2620 and 0.2650 resistance levels. Also, it leads to a great opportunity for sharp gains above the $0.2 720 and $0.2800 resistance levels. There was a gain of 15%when the price rallied above $0.300 resistance level.
On the same chart, there was a break above a bullish continuation pattern with resistance near $0.2930. With $0.3128, a new monthly High was formed and the price is currently consolidating gains.
Immediate support is provided near the $0.306 level which coincides with 23.6% FIB retracement levels of the recent rally. Moreover, near the $0.3060 dollar and $0.300 levels, there are many supporters for the same.
The support is further provided by the $0.2985 that helps in 50% Fib retracement level of the recent rally from the $0.2839 low to $0.3128 high. The other essential key support is provided near $0.2950 and below $0.2800 where the Ripple is able to test for the support area.
On the contrary, immediate resistance is also provided near the $0.3120 level. If there is any further increase, the price can even break the $0.3150 resistance easily and can continuously increase towards the $0.3200 and $0.3220 resistance levels. The $0.3250 level is the main resistance for the current wave.
From the chart, we can study that the ripple price is trading in an uptrend above the $0.2950 and $0.3000 support levels. But In the short term, there can also be a downside correction. However, in the coming sessions, the price should remain well bid above the $0.3000 and $0.2950 levels.
Finally, it’s a great time for XRP as well to nurture out as it saw a hard time in the past competing against Entherum of breaking $185 resistance area. After its major outbreak, it has successfully started its climb to the top.