Ripple is showing positive signs above the key $0.1920 resistance area against the US Dollar. XRP price is likely to continue higher towards the $0.2050 and $0.2120 resistance levels.
- Ripple price is gaining bullish momentum above the $0.1920 resistance against the US dollar.
- The bulls are aiming a larger rally towards the $0.2120 and $0.2200 resistance levels.
- There is a major bullish trend line forming with support near $0.1900 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains well supported if it corrects lower towards $0.1910 or $0.1900.
Ripple Price Eyeing More Upsides
In the past few sessions, ripple followed a bullish path above $0.1850, similar to bitcoin and ETH. XRP price gained bullish momentum and was able to clear the key $0.1900 and $0.1920 resistance levels.
There was a close above the $0.1900 pivot level and the 100 hourly simple moving average. It opened the doors for more gains and the price rallied towards the $0.2000 level.
A high is formed near $0.2000 and the price corrected lower. It traded below the $0.1950 level, plush the 23.6% Fib retracement level of the upward move from the $0.1857 low to $0.2000 high.
However, ripple remained well bid above the $0.1920 level. The 50% Fib retracement level of the upward move from the $0.1857 low to $0.2000 high also acted as a strong support. It seems like there is a major bullish trend line forming with support near $0.1900 on the hourly chart of the XRP/USD pair.
The pair is currently rising and approaching the $0.1965 resistance. The main resistance for the bulls is still near the $0.2000 level. If there is a successful close above the $0.2000 level, the price is likely to surge towards the $0.2050 and $0.2120 levels. Any further gains might call for a test of $0.2200.
Dips Supported
Ripple is clearly following a decent bullish path above the $0.1920 support. The main support is now near $0.1880 and the 100 hourly simple moving average.
If there is a bearish break below the $0.1880 support zone, the price is likely to resume its decline. The next key supports are near $0.1800 and $0.1780.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is about to gain pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Levels – $0.1920, $0.1900 and $0.1880.
Major Resistance Levels – $0.1965, $0.2000 and $0.2050.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
Image from unsplash