HomeAltcoin NewsRipple Price Analysis: Key Uptrend Support Nearby at $0.20

Ripple Price Analysis: Key Uptrend Support Nearby at $0.20

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  • Ripple price is currently correcting lower from the $0.2358 swing high against the US dollar.
  • The price is likely to find a strong support on the downside near $0.2000.
  • There is a major bullish trend line forming with support near $0.2085 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a fresh upward move if it clears the $0.2155 resistance area.

Ripple price is currently correcting from the last week high against the US Dollar. XRP price must stay above the $0.2000 support for a fresh increase in the near term.

Ripple Price Analysis

This past week, ripple price surged above the $0.2000 resistance area against the US Dollar. The XRP/USD pair broke the $0.2080 and $0.2200 resistance levels to start a bullish trend.

There was also a close above the $0.2000 level the 55 simple moving average (4-hours). The price traded to a new monthly high at $.2358 and recently started a downside correction below the $0.2300 level.

Ripple price traded below the 23.6% Fib retracement level of the upward move from the $0.1785 low to $0.2358 high. The price is now trading below the $0.2110 level and it is testing the $0.2085 support.

There is also a major bullish trend line forming with support near $0.2085 on the 4-hours chart of the XRP/USD pair. The trend line coincides with the 50% Fib retracement level of the upward move from the $0.1785 low to $0.2358 high.

The 55 simple moving average (4-hours) is also near the trend line support. If the price fails to stay above the $0.2085 and $0.2080 support levels, it could continue to decline.

The next major uptrend support is near the $0.2000 level (the last breakout zone). It is close to the 61.8% Fib retracement level of the upward move from the $0.1785 low to $0.2358 high.

Therefore, a downside break below the $0.2000 support could start a bearish trend. If not, the price is likely to start a fresh increase above the $0.2120 and $0.2155 levels. The main hurdle for the bulls is near the $0.2350 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a positive zone above the $0.2080 and $0.1900 levels. Having said that, the bulls need to protect the $0.2000 support for a fresh increase towards $0.2350.

Technical indicators

4 hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining towards the 40 level.

Key Support Levels – $0.2080, $0.2020 and $0.2000.

Key Resistance Levels – $0.2155 and $0.2200.

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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