XRP Price Shows Positive Signs, Is A Rally Coming Soon?

It appears the coin that was tagged the worst performing digital asset since the turn of the year has become one of the best cryptocurrencies to invest in 2019. Things have been moving in the right direction for Ripple’s XRP in recent trade sessions. From today’s XRP price forecast, it is clear that the digital asset focused on forming a solid support position over the $0.3050 area against the USD.

The price of XRP is currently moving higher. It recently touched the $0.3220 resistance position. We can also see a connecting bullish pattern forming with support at $0.3140 via the hourly chart. XRP price remains well supported above $0.3100 and could maintain its rise above $0.3200. The coin is showing positive signals above $0.3140. XRP price might continue to rise if it clears the $0.3220 resistance.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.230
-10.26%

XRP Price Made a Decent Recovery after Forming a Support Base

After successfully forming a support base, the XRP price made some changes. There was a decent price recovery in Ripple’s XRP against the USD. The XRP/USD trading pair stayed well bid over the $0.3050 area before it managed to climb higher recently. The coin is set to carry on in this direction.

There was also a break over the $0.3080 and $0.3100 levels both of which are resistances. Moreover, the price of XRP managed to climb over yesterday’s connecting bearish pattern via the hourly chart of the XRP/USD pair.

XRP Price Broke the $0.3140 Resistance Area

The price of Ripple’s XRP also broke through the key $0.3140 resistance position and the 100 hour SMA. Prices also broke and tested the $0.3200 and $0.3220 positions both of which are resistance. A swing high was reportedly formed near the $0.3219 area and the price of XRP is currently correcting its gains. XRP Price tested the 23.6% Fibonacci retracement area via the last wave from $0.3066 to $0.3219.

Looking via the downside, we can see that there are many support positions forming near $0.3150 and $0.3140. In addition to that, there is also a connecting bullish trend line that is forming with a support close to $0.3140 via the XRP/USD hourly chart. The 50% Fibonacci retracement area via the last wave from $0.3066 to $0.3219 is also near $0.3142 which is acting as a strong support price position.

Dips Near $0.3150 and $0.3140 will Find Strong Bids

Therefore, in the event that there is a dip towards $0.3150 and $0.3140, we can expect to find strong bids for XRP. On the other hand, if XRP/USD suffers a downside break under the $0.3140 position, XRP price might be retaken by the bears. Looking at the upside, we can find resistances near $0.3200 and $0.3220. Any successful close over the $0.3220 resistance point could launch a decent upward movement for XRP in coming trade sessions towards $0.3320 and $0.3350.

The MACD pattern for the XRP/USD trading pair is slowly moving into the bearish zone. While RSI (Relative Strength Index) for the XRP/USD pair is correcting lower currently near the 50 level. When you closely look at the chart, we can see that the overall price action for XRP is positive which suggests that there will be more gains above $0.3220. A close under the $0.3140 support point and the 100 hour SMA might end the current bullish price action.

 

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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