Ripple is recovering above the $ 0.2450 resistance and the current technical structure suggests that the price of XRP could also rise above $ 0.2500 and $ 0.2550.
In the past three sessions, there has been a decent recovery of Ripple above the $ 0.2400 level. The price of XRP broke through the $ 0.2450 resistance level and the 100-hour simple moving average to begin the current recovery.
There was then a break above some intermediate levels, with the price now testing resistance levels of $ 0.2480 and $ 0.2500. More importantly, there is a key bullish trend line forming with support near $ 0.2470 on the XRP / USD hourly chart.
The current price action is positive, and a close above 100 SMA, and the recent rise in Bitcoin, Bitcoin Cash, and Ether are the main reasons why Ripple's price may continue to rise above 0 levels. 2480 and $ 0.2500.
The next resistance is near the $ 0.2550 level. A successful close above the $ 0.2550 zone could open the door for a sharp rise towards the near-term resistance levels of $ 0.2650 and $ 0.2700.
If Ripple is unable to break out of the $ 0.2480 and $ 0.2500 resistance levels, there could be a bearish reaction. Initial support on the downside is near the $ 0.2470 trend line.
The main support is forming near the $ 0.2440 level and the 100-hour simple moving average. A break below the $ 0.2440 support and the 100-hour simple moving average could lead the price towards the support zone of $ 0.2380 in the short term.
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