After hugging the $1 level, Ripple ripped higher, but is now taking its time to consolidate its gains. XRP/USD is trading at around 1.1360 at the time of writing and testing the edges of its new, higher range.
Resistance awaits at 1.15, which was the line that the cryptocurrency recovered to after the big crash on Friday. Support is at 1.10. This round level capped the pair over the Christmas weekend and is the low point that Ripple fell after this fresh upswing.
Update: Ripple Price: 3 reasons why XRP/USD rallies while the rest reel
Update: the crypto-currency continues moving the upside, trading at 1.14. The high so far has been 1.15, which seems like a tough nut to crack. The most recent move came after XRP/USD hit 1.08.
Update 2: an attempt to break above the second resistance line of 1.1790 was rejected. The coin fell back all the way to the 1.13 handle. At least we see that these technical lines of resistance are playing their part.
Update 3: Ripple finally ripped higher, hitting a high of 1.2390, just below the all-time high of 1.25. The digital currency stands out with a gain of 14.5% while other cryptos are sliding.
Update 4: we have a new record high.
Ripple roars: breaks to new all-time high above $1.25
Speaking about technical levels, another digital coin has interesting charts. Ethereum price: ETH/USD sliding but holds onto support – buying opportunity?
Here are the most recent moves on the one-minute chart:
Further resistance is at 1.18: not only a round number but also the swing high of the most recent rise to the upside. The next line is already the all-time high at 1.25.
Support below 1.10 is at 1.0350. The line worked as resistance and the top of the range when XRP/USD was around parity with the dollar. Below $1, we find 0.9540, the bottom of that range. The next cushions are already much lower: 0.85 (the Christmas low) and 0.66, the trough that was seen after the big pre-Christmas collapse, aka the crypto-crash.
Ripple gained traction after a coalition of 61 banks in Japan, SBI Ripple Asia, will launch a pilot of a payments system.This mainstream backing gave a big boost to the price of Ripple. These tests on RippleNet are expected in the first quarter of 2018.
More: Can cryptos can cause bankruptcy for brokers?
Here is how it looks on the 30-minute chart:
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