Ripple price analysis – Ripple’s XRP is currently gaining momentum and it is surging above the $0.2250 against the US dollar. The price trend is likely to persist higher above the $0.2320 and $0.2350 resistance level. There is a major bullish trend line developing with support close to $0.2265 on the hourly chart of the XRP/USD pair. Ripple price is displaying several positive signs against the US Dollar, related to bitcoin.
It seems the coin could rally above $o.2320 as the trading price has stayed well supported. As seen in the past few days, there has been a consistent surge in the price of XRP from the $0.2150 support area against the US Dollar. XRP price has gained momentum above the $0.2180 and $0.2200 resistance level. Also, there was a close above the $0.2240 resistance and the 100 hourly simple moving average. This has paved the way for more gains and the price surged above the $0.2280 and $0.2300 levels.
Currently, the price appears to be going through a strong resistance close to the $0.2320 level. A high was established close the $0.2326 and the price is currently correcting lower. The price has already traded below the 23.6% Fib retracement level of the recent upsurge from the $0.2240 low to $0.2326 high. Ripple is currently testing the $0.2280 support area. Besides, the 50% Fib retracement level of the recent upsurge from the $0.2240 low to $0.2326 high is near the $0.2283 level.
Worthy of note is a major bullish trend line establishing with support close to $0.2265 on the hourly chart of the XRP/USD pair. Moreover, the trend line accords with the 61.8% Fib retracement level of the recent upsurge from the $0.2240 low to $0.2326 high. So, the price of the coin is likely to discover strong support close to the $0.2240 level. If there is a downside break below $0.2240, the price could correct significantly and it might test the $0.2180 level. While on the upside, an instant resistance is close to the $0.2300 level.