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HomeAltcoin NewsRipple Price Analysis: Bullish Breakout Likely Above $0.2050

Ripple Price Analysis: Bullish Breakout Likely Above $0.2050

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  • Ripple price is currently trading in an uptrend above the $0.1900 pivot area against the US dollar.
  • The price is likely to surge above the $0.2025 and $0.2050 resistance levels in the near term.
  • There is a key bullish trend line forming with support near $0.1945 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a downside correction if it fails near $0.2025 or $0.2050.

Ripple price is moving higher and trading above $0.1950 against the US Dollar. XRP price must gain momentum above $0.2000 for a successful break above the $0.2050 resistance.

Ripple Price Analysis

This past week, ripple price started a fresh increase from the $0.1800 support area against the US Dollar. The XRP/USD pair broke the $0.1850 and $0.1880 resistance levels to start a bullish zone.

There was also a close above the $0.1900 level the 55 simple moving average (4-hours). It opened the doors for more gains above $0.1950 and the price traded as high as $0.1998.

Recently, there was a downside correction below the $0.1950 level. Ripple corrected below the 23.6% Fib retracement level of the upward move from the $0.1788 low to $0.1998 high.

However, the price remained well bid above the $0.1920 level. There is also a key bullish trend line forming with support near $0.1945 on the 4-hours chart of the XRP/USD pair. Below the trend line, the next key support is near the $0.1900 level.

The 55 simple moving average (4-hours) is also near $0.1900. The next support is near $0.1890 or the 50% Fib retracement level of the upward move from the $0.1788 low to $0.1998 high.

Any further losses could lead the price back towards the $0.1850 support. On the upside, an initial resistance is near the $0.2000 level. The first major resistance is near the $0.2025 level.

The main hurdle for the bulls is near the $0.2050 level. A successful close above the $0.2025 and $0.2050 resistance levels could open the doors for a larger rally towards the $0.2150 and $0.2200 resistance levels.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a positive zone above the $0.1920 and $0.1900 levels. Having said that, the bulls need to push the price with a strong momentum above the $0.2000 and $0.2050 resistance levels.

Technical indicators

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 well above the 55 level.

Key Support Levels – $0.1945, $0.1920 and $0.1890.

Key Resistance Levels – $0.2025 and $0.2050.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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