- Ripple price is currently trading in a positive zone above the $0.1880 support area against the US dollar.
- The price is likely to resume its rise above the $0.1965 and $0.1985 resistance levels.
- There was a break above a major declining channel with resistance near $0.1905 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is consolidating in a range and likely setting up for a break above the $0.2000 resistance.
Ripple price is trading in a bullish zone above $0.1880 against the US Dollar. XRP price could continue to rise as long as it is above $0.1855 and $0.1815.
Ripple Price Analysis
This past week, ripple price started a decent increase above the $0.1850 and $0.1880 resistance levels against the US Dollar. The XRP/USD pair even surpassed the $0.1900 resistance level to move into a positive zone.
More importantly, there was a close above the $0.1880 pivot level and the 55 simple moving average (4-hours). There was also a break above a major declining channel with resistance near $0.1905 on the 4-hours chart of the XRP/USD pair.
The pair traded above $0.1955 and tested the $0.1965 resistance area. A high is formed near $0.1971 and the price is currently correcting lower.
It declined below the 23.6% Fib retracement level of the recent upward move from the $0.1737 low to $0.1971 high. However, the previous resistance near the $0.1880 level is acting as a strong support.
Besides, the 55 simple moving average (4-hours) is also near the $0.1880 level. If there are more losses, the next support is near the $0.1855 level. It is close to the 50% Fib retracement level of the recent upward move from the $0.1737 low to $0.1971 high.
Any further losses may perhaps lead the price towards the $0.1815 support area. On the upside, there are key hurdles near the $0.1965 and $0.1985 levels.
A successful close above the $0.1965 and $0.1985 resistance levels could open the doors for a larger rally. In the mentioned case, the price might surge towards the $0.2050 and $0.2065 resistance levels.
Looking at the chart, ripple price is showing a few bullish signs above the $0.1880 level. Therefore, there are high chances of more gains as long as the price is above the $0.1855 pivot level.
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 50 level.
Key Support Levels – $0.1880, $0.1855 and $0.1815.
Key Resistance Levels – $0.1965 and $0.2000.
