Ripple retested the $0.2080 support level against the US Dollar. XRP price is currently rising and it is likely to gain bullish momentum towards $0.2350 unless it breaks the $0.2000 support.
- Ripple price is trading in a positive zone above the $0.2120 and $0.2080 supports against the US dollar.
- The bulls are currently attempting an upside break above $0.2200 and 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $0.2200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to start a strong upward move if it settles above $0.2200 and $0.2220.
Ripple Price Eyeing Upside Break
After forming a short term top near $0.2270, ripple started a fresh decline (similar to bitcoin and Ethereum). XRP price broke the $0.2200 support area and the 100 hourly simple moving average, but it found support near the $0.2080 zone.
A new weekly low is formed at $0.2075 and the price is currently recovering. It is trading above the $0.2120 and $0.2150 resistance levels. The bulls also pushed the price above the 50% Fib retracement level of the recent decline from the $0.2270 high to $0.2075 low.
However, ripple is currently facing a strong resistance near the $0.2200 region. There is also a major bearish trend line forming with resistance near $0.2200 on the hourly chart of the XRP/USD pair.
The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $0.2270 high to $0.2075 low. If there is a clear break above the trend line resistance and $0.2200, the price is likely to continue higher.
An immediate resistance is near the $0.2220 level, above which the bulls are likely to aim a test of the main $0.2350 resistance. Any further gains could lead the price towards the $0.2500 hurdle.
Bearish Reaction?
If ripple struggles to clear the $0.2200 resistance, there is a risk of another bearish reaction. An initial support is near the $0.2150 level, followed by $0.2120.
The main support is near the $0.2080 region, below which the bears are likely to aim the key uptrend support at $0.2000. A successful close below $0.2000 may possibly open the doors for a larger decline in the coming days.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it is above the 50 level.
Major Support Levels – $0.2150, $0.2120 and $0.2080.
Major Resistance Levels – $0.2200, $0.2220 and $0.2350.
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