Ripple Price Analysis: XRP Eyeing Upside Break Above $0.21
- Ripple price started a decent increase and moved above the $0.2000 resistance against the US dollar.
- The price is now trading above the $0.2025 level and it is facing hurdles near $0.2065 and $0.2130.
- There is a major bullish trend line forming with support near $0.2015 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to accelerate higher if it clears the $0.2100 resistance zone in the near term.
Ripple price is trading in a positive zone above $0.2000 against the US Dollar. XRP price could gain pace above $0.2100 as long as it is above $0.2000.
Ripple Price Analysis
This past week, ripple price forming a strong support base above the $0.1900 level against the US Dollar. The XRP/USD pair started a decent increase and broke the $0.1980 and $0.2000 resistance levels.
There was even a close above the $0.2000 level and the 55 simple moving average (4-hours). The price traded as high as $0.2133 and it recently started a downside correction. There was a break below the $0.2100 and $0.2080 levels.
Besides, there was a break below the 23.6% Fib retracement level of the upward move from the $0.1895 low to $0.2133 high. However, the $0.2000 support zone is acting as a strong buy zone.
It seems like the 50% Fib retracement level of the upward move from the $0.1895 low to $0.2133 high is acting as a support. There is also a major bullish trend line forming with support near $0.2015 on the 4-hours chart of the XRP/USD pair.
The 55 simple moving average (4-hours) is also following the trend line support. Therefore, dips remain well supported near the $0.2000 zone. If ripple fails to stay above the $0.2000 support, there are chances of a fresh decline towards the $0.1900 zone.
On the upside, an initial hurdle is near the $0.2075 level. The main resistance is near the $0.2100 zone. If the price clears the $0.2100 level, there could be a strong increase towards the $0.2200 and $0.2220 levels in the near term.
Looking at the chart, ripple price is clearly trading in a positive zone above the $0.2000 support. To continue higher, the price must clear the $0.2100 resistance. If not, there is a risk of an extended decline to $0.1900.
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.
Key Support Levels – $0.2015, $0.2000 and $0.1900.
Key Resistance Levels – $0.2075 and $0.2100.