Ripple (XRP) Looks Ready For Another Leg Higher Over $0.20

Ripple is currently correcting lower from the $0.2000 support against the US Dollar. XRP price is likely to start a fresh increase unless there is a clear break below $0.1920.

Ripple price is correcting lower from the $0.1997 weekly high against the US dollar.
The bulls are protecting the $0.1950 support and the 100 hourly simple moving average.
There is a crucial bullish trend line forming with support near $0.1960 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to surge above $0.2000 as long as it is above the $0.1920 support zone.

Ripple Price Remains Supported
Recently, ripple spiked above the $0.1980 resistance area and tested the $0.2000 hurdle. XRP price traded as high as $0.1997 and failed to extend gains above $0.2000.
It started a downside correction and traded below the $0.1965 support. However, the $0.1950 level acted as a strong support along with the 100 hourly simple moving average.
A low is formed near $0.1944 and the price is currently following a bullish breakout pattern. It surpassed the 50% Fib retracement level of the recent decline from the $0.1997 high to $0.1944 low.
On the upside, the bulls are facing hurdles near the $0.1980 level and a connecting bearish trend line on the hourly chart of the XRP/USD pair. Ripple is also struggling to clear the 61.8% Fib retracement level of the recent decline from the $0.1997 high to $0.1944 low.
Ripple Price
If there is an upside break above the $0.1980 resistance, the price could revisit the $0.2000 resistance area. A successful break and follow through above the $0.2000 hurdle is must for another surge.
An immediate resistance above $0.2000 is near the $0.2020 level, above which the bulls are likely to aim a test of the $0.2120 level.
Downside Break?
Ripple is clearly trading near a major support above $0.1955 and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $0.1960 on the same chart.
If the price fails to stay above the trend line and the 100 hourly SMA, it could correct further lower below $0.1950. The next major support is near $0.1920, below which there is a risk of a strong decline towards $0.1850.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.
Major Support Levels – $0.1950, $0.1920 and $0.1880.
Major Resistance Levels – $0.1980, $0.2000 and $0.2020.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.

You might also like More from author

Comments are closed.