All technical indicators convinced commentators that Ripple’s XRP has taken on a bullish path after the Supreme Court of India reversed a bitcoin ban imposed by Reserve Bank of the country.
Currently, Ripple‘s XRP is following a bullish path that has formed above the $0.2320 support zone. It attempted to break the $0.2380 resistance level, but it failed. For now, the XRP price has corrected lower below the $0.2350 handle and the 100-hourly simple moving average (SMA). A low has now formed near $0.2303, and the price seems to have taken another upward trend.
It is trading around $0.2391 at the moment after breaking above the 100-hourly SMA. Additionally, there was a break above the 50% Fib retracement level of the previous decline from the $0.2381 high to $0.2303 low. The consolidated token gains above $0.2360 level and has since then broken the $0.2380 resistance eyeing the $0.2400 levels.
On the downside, three notable bullish trend lines have formed with support pegged at $0.2330 on the hourly chart. If a bullish momentum arises above the $0.2380 level, the wave may push XRP past the $0.2400 and $0.2420 resistance levels.
A sustainable break above the $0.2420 resistance area will highly likely confirm a bullish break. If that happens, the price will rise higher towards the $0.2500 and $0.2550 levels in the short term.
Is There Another Rejection for XRP?
If XRP fails to break above the $0.2400 resistance levels, it may plunge again with its first strong support found near the $0.2340 level and the 100-hourly SMA. Any form of a bearish break below the 100-hourly SMA and the bullish trend line located at $0.2320 may result in accelerated drops towards $0.2300.
If the $0.2300 support is smashed, XRP may plunge sharply towards the $0.2240 level. The hourly MACD for XRP/USD is currently showing positive signs in the bullish zone. The hourly RSI (Relative Strength Index) for XRP/USD is correcting lower towards the 50 level.