- Ripple price is facing a strong resistance near the $0.2900 and $0.2920 levels against the US dollar.
- Bitcoin price rallied recently and even broke the $10,600 and $10,800 resistance levels.
- Yesterday’s highlighted bullish trend line is active with support near $0.2750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could decline a few points, but it remains supported above $0.2700.
Ripple price is currently correcting gains from $0.2920 against the US Dollar, while bitcoin jumped above $10,800. XRP price is likely to climb sharply if it clears the $0.2920 resistance.
Ripple Price Analysis
Yesterday, we saw a decent recovery in XRP price above the $0.2700 resistance against the US Dollar. The XRP/USD pair even climbed above the $0.2800 resistance and settled above the 100 hourly simple moving average. It opened the doors for more gains above the $0.2850 level. More importantly, there were decent gains in other altcoins, including Ethereum, EOS and litecoin.
However, ripple price faced a strong resistance near the $0.2900 and $0.2920 levels. A swing high was formed near $0.2918 and the price recently started a downside correction. It broke the $0.2850 support plus the 23.6% Fib retracement level of the recovery from the $0.2618 low to $0.2918 high. Finally, the price found support near the $0.2750 and $0.2760 levels.
Additionally, the price found support near the 50% Fib retracement level of the recovery from the $0.2618 low to $0.2918 high. More importantly, yesterday’s highlighted bullish trend line is active with support near $0.2750 on the hourly chart of the XRP/USD pair. The 100 hourly SMA is also following the trend line and is currently near $0.2720. Therefore, dips towards the $0.2750 and $0.2720 levels remain attractive to the bulls.
On the upside, the main resistances are near $0.2900 and $0.2920. An immediate resistance is near $0.2880 and a connecting bearish trend line on the same chart. A convincing close above the $0.2920 level might start another upward move towards the $0.3000 and $0.3050 levels. An intermediate resistance is near the $0.3020 level.
Looking at the chart, ripple price is currently trading nicely above the $0.2750 and $0.2720 support levels. Therefore, there are chances of a fresh increase above the $0.2880 and $0.2920 resistance levels. Conversely, a successful hourly close below the $0.2700 support might negate the current bullish view in the coming sessions. The next key support is near the $0.2550 level.
Hourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Major Support Levels – $0.2750, $0.2720 and $0.2700.
Major Resistance Levels – $0.2900, $0.2920 and $0.3000.
Ethereum’s Weekly Close Above $275 Has Analysts Over the Moon
As Bitcoin has shot higher in the past few hours, so too has Ethereum. The market leader tapping $10,000 was accompanied by ETH passing $275, reaching as high as $278 just minutes ago.
While this sudden jump higher, which comes after the altcoin flatlined around $270 for most of Sunday, has yet to be sustained, analysts are saying the cryptocurrency is cleared to register even greater games in the coming days for a confluence of reasons.
Ethereum Technical Outlook Is Extremely Bullish, Analysts Say
Earlier today, NewsBTC reported on an analysis of the one-week ETH chart by Teddy, a popular trader.
In the pertinent analysis, the commentator wrote that Ethereum’s weekly candle closing above $275 — a level which has acted as short-term resistance and support over the past two weeks or so — will make the asset “beyond bullish”:
“ETH: Weekly close above 275 beyond bullish. Anything below I see it as a rejection from a key resistance.”
Weekly close above 275 beyond bullish
Anything below I see it as a rejection from a key resistance.
Suggesting that it may revisit 225 area as a retest of previous resistance as support pic.twitter.com/RyT6XOcGRl
— TEDDY (₿) (@TeddyCleps) February 23, 2020
Just minutes ago, the asset closed above this level ($276, to be exact), marking a higher high. Teddy did not allude to what he expects for the cryptocurrency to do after it makes a close above this level, though other analysts are expecting more upside.
From an extremely short-term perspective, analyst Cactus published the below chart and an accompanying message. In that message, the trader wrote that a weekly close above $267 is extremely positive, adding that such a close is likely to send Ethereum towards $290 in the coming days.
Indeed, RookieXBT recently remarked that Ethereum’s six-hour chart is showing a number of positive signs:
- ETH is currently printing an “ascending triangle structure,” marked by a number of tests of a horizontal resistance level and slowly-trending-higher prices. Ascending triangles most often break upwards.
- The six-hour Relative Strength Index (RSI), a measure of the magnitude of price action, is creating a falling wedge structure. Falling wedges normally break upward.
- There are hidden bullish divergences forming between the price of Bitcoin, which has been registering a series of higher lows, and the RSI, which continues to make lower lows. This suggests a breakout of the RSI wedge may come shortly, which should send Ethereum above the triangle that has constricted upward price action.
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