Recently Ripple it was characterized by a rather lively increase in prices, breaking the resistance levels set at 0,2450 and 0,2500 dollars. Subsequently the price of XRP corrected, but according to many analysts it is likely to continue rising towards $ 0,3000.
In short, after forming a support base close to the $ 0,2320 level, Ripple seems to be in contention to be able to proceed with a new increase in its prices, thus entering a more stable positive zone.
Yesterday, for example, the token price stabilized well above $ 0,2450 and the 100-hour simple moving average. Hence, the price has reached a new monthly high at $ 0,2616 and is currently correcting the lower level.
According to technical analysts, if the bullish trend continues XRP it will face initial resistance at $ 0,2550 and $ 0,2580 levels, and then above the $ 0,2600 level. The main target for the bulls, however, could be $ 0,3000 in the next few sessions.
However, the impression is that in order to understand whether Ripple will or will not be able to confidently embrace an uptrend we need to wait for the support test at the $ 0,2420 level and the simple 100-hour moving average. If the price fails to stay above the 100-hour simple moving average, it may then continue to fall towards $ 0,2320 support.