In today’s Ripple price analysis, XRP price remains well supported and it could soon rally to $0.30 if it breaks $0.28 level.
Ripple Price Medium-term Trend
Yesterday, February 5, the price of Ripple (XRP) was trading in a bullish trend zone. XRP bulls pushed the price above the $0.26 resistance. In a few hours, Ripple price rallied above the $0.27 and $0.28 level. A new 2020 high was formed near $0.2811 level.
The coin is consolidating gains at the time of writing this Ripple price analysis.
On the upside, if the price continues to consolidate, there are high chances of an upside break above the triangle resistance and $0.28 and $0.29. The next key resistance for the bulls is near the $0.30 level. Conversely, if there is a downside correction, the crypto’s price will drop to the levels of $0.27 and $0.26.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
XRPUSD Price Short-term Trend
On the 1-hour chart, the XRP price is in a bullish trend. Today, the XRP bulls are making effort to push the price across the $0.28 level, should in case they succeed, the bullish continuation may take the price to the resistance levels of $0.2880 and $0.2920 levels. For the upside to gain traction, the coin must break the $0.2950 and $0.2980 resistance level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $0.29, $0.30, $0.34
- Support Levels: $0.27, $0.26, $0.25
Author Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.