Ripple is up around 10% and it broke the key $0.1650 resistance zone against the US Dollar. XRP price remains in a nice uptrend and it could continue to rise towards $0.2000.
- Ripple price started a strong rise above the $0.1640 and $0.1650 resistance levels against the US dollar.
- The bulls were able to push the price above $0.1750 and a high was formed near $0.1808.
- There is a short term contracting triangle forming with resistance near $0.1780 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could correct a few points in the near term, but dips remain supported near $0.1700.
Ripple Price is Surging
Yesterday, we discussed the chances of a strong rally in ripple above the $0.1640 and $0.1650 resistance levels. XRP price did break the $0.1650 resistance area to start a solid upward move.
It broke the $0.1720 resistance and settled nicely above the 100 hourly simple moving average. The upward move gained pace above the $0.1750 level and the price traded to a new weekly high at $0.1808.
The price is currently correcting lower and trading below $0.1780. There was a break below the 23.6% Fib retracement level of the upward move from the $0.1605 low to $0.1808…
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Author: Aayush Jindal