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XRP/USD Jumps 10% But Rally Not Over Yet

#1
Ripple price is up around 10% and it broke the $0.2400 resistance area. XRP to USD is currently rising and it looks set for a break above $0.2420 and $0.2450.
Key Takeaways: XRP/USD
  • Ripple price is trading in a nice uptrend above the $0.2250 and $0.2320 resistance levels against the US Dollar.

  • XRP/USD is likely to break the $0.2410 resistance and a contracting triangle barrier on the 2-hours chart (data feed from Bitstamp)

  • Bitcoin price is also rising steadily and it could soon break the $9,000 resistance area.
Ripple Price Analysis
In the past few sessions, there was a steady rise in ripple price above the $0.2200 and $0.2300 resistance levels. XRP to USD even broke the key $0.2320 resistance area to move into a bullish zone.
<noscript><img class="alignnone size-large wp-image-228378" src="https://bitcoinexchangeguide.com/wp-content/uploads/2020/01/ripple-price-xrp-1-1024x466.png" alt="Ripple Price Analysis" width="696" height="317" srcset="https://bitcoinexchangeguide.com/wp-content/uploads/2020/01/ripple-price-xrp-1-1024x466.png 1024w, https://bitcoinexchangeguide.com/wp-cont...00x136.png 300w, https://bitcoinexchangeguide.com/wp-cont...68x349.png 768w, https://bitcoinexchangeguide.com/wp-cont...36x698.png 1536w, https://bitcoinexchangeguide.com/wp-cont...96x316.png 696w, https://bitcoinexchangeguide.com/wp-cont...68x486.png 1068w, https://bitcoinexchangeguide.com/wp-cont...-xrp-1.png 1828w" sizes="(max-width: 696px) 100vw, 696px"/>
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Looking at the 2-hours chart, ripple price settled above the $0.2320 pivot level and the 50 simple moving average (2-hours, purple). Finally, there was a break above the $0.2400 resistance area and the price traded to a new 2020 high at $0.2453.
Recently, there was a strong downside correction from the $0.2450 resistance area. Ripple price traded below the $0.2350 and $0.2320 support levels. However, the price remained well bid near the $0.2250-$0.2260 zone.
A swing low is formed near $0.2256 and the price is currently rising. It already broke the $0.2350 resistance, and the 50% Fib retracement level of the recent decline from $0.2453 to $0.2256.
The current price action is positive and the price could continue to rise above $0.2400. Moreover, ripple is likely to break the $0.2410 resistance and a contracting triangle barrier on the 2-hours chart.
The 76.4% Fib retracement level of the recent decline from $0.2453 to $0.2256 is also near $0.2406. A clear break above the $0.2410 and $0.2420 levels might set the pace for more gains above the $0.2450 resistance levels.
Conversely, the price might correct again below the $0.2350 support level. The main support for the bulls are near the $0.2320 and $0.2250 levels, below which the price is likely to turn bearish in the near term.
Overall, ripple price is trading with a bullish bias above $0.2350 and $0.2320. Therefore, there are high chances of a push towards $0.2500 and $0.2550.
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