Ripple’s XRP has been on the uptrend for some days back, after forming a solid support around the $0.2750 level, and it has for the first time since November 2018, surpassed the 100-week Simple Moving Average.
XRP returned on the uptrend since August 13 precisely, breaking above the 0.2850 and $0.2920 resistance levels to be priced $0.301434 against the US Dollar at press time, having added less than 1% to its value in the last 24 hours.
XRP fractal went above the 100-week moving average after surging past crucial resistance level $0.3000, signaling a strong bullish rally. However, $0.3255 and $0.3500 levels are other crucial points the cryptocurrency needs to exceed to show a stronger and lasting bullish signal.
XRP reached a high of $0.3075 hours back before witnessing a slight regressed to $0.301434 for a probable regroup. The cryptocurrency traded below the 23.6% Fib retracement level of the recent upward surge from $0.2299 low to $0.3074 high.
In an attempt to rally above, XRP may fall back near the $0.2950 important support level before taking a flight to the ceiling.
XRP’s initial major support on the downside is around the $0.0265 level.
The last time XRP went past the 100-week SMA, the cryptocurrency plunged shortly after the break, going below the 100-week SMA line and remaining there till today. Nevertheless, it is a significant bullish signal despite the fact that the crypto industry is known for its high volatility.
To maintain the upward trend with a bullish surge to around $0.40 in a couple of days, the cryptocurrency must remain above the $0.2920 support level, else XRP will revisit the 50% Fib retracement level between the $0.2299 low and $0.3074 high. Hence, XRP may fall to around $0.2850 and $0.2810 support levels.
All the same, XRP/USD trade pair hourly MACD is gradually moving to the bullish zone like it did in April, and the hourly Relative Strength Index (RSI) is above the 50 level.