Ripple Price Forecast: XRP/USD Broke Key Resistance

Ripple price started a nice upside move from the $0.8700 low against the US Dollar. Both XRP/USD and XRP/BTC broke key resistances and they now looks set for more gains.

The current price action in the cryptocurrency market is positive since bitcoin price moved above the $11,000 level. It helped xrp price as well as it moved above the $1.00 resistance.

Key Takeaways:

• Ripple price started a fresh upside move after forming a support at $0.8700 against the US Dollar.
• There was a break above a significant bearish trend line with resistance at $0.9000 on the 4-hours chart of the XRP/USD pair.
• The pair is now gaining pace and it may continue to rise towards the $1.20 level or even higher.

Ripple Price Forecast Turned Positive, More Gains Likely in XRP/USD

The past few days were mostly neutral for ripple price as it traded in a range above the $0.8500 level against the US Dollar (Data feed via Bitfinex). However, there was a solid support base formed near $0.8700, which later resulted in an upside move.

XRP/USD started a nice bullish trend and traded above the 23.6% Fib retracement level of the last decline from the $1.2068 high to $0.8556 low. More importantly, there was a break above the 150 simple moving average (orange, 4-hours).

There was even a break above a significant bearish trend line with resistance at $0.9000 on the 4-hours chart. The pair was able to trade above the $1.00 level and the 100 simple moving average (green, 4-hours).

At present, XRP price is facing sellers near the 50% Fib retracement level of the last decline from the $1.2068 high to $0.8556 low at $1.03123. If buyers succeed in pushing the price above the stated Fib level, there could be more gains toward $1.10.

Above $1.10, the price may continue to grind higher towards the last swing high of $1.2068. The current bias is bullish and it seems like the recent break above $0.9000 and the 100 SMA are solid signs.

Should there be a downward correction in ripple price from the current levels, the $0.9500 and $0.9000 levels are likely to act as strong supports.

Chart prepared using trading view.