HomeAltcoin NewsRipple Price Analysis: Resistance Turned Support at $0.21

Ripple Price Analysis: Resistance Turned Support at $0.21

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  • Ripple price rallied recently after a successful close above $0.2000 against the US dollar.
  • The price tested the $0.2250 resistance zone and recently corrected lower.
  • There is a crucial bullish trend line forming with support near $0.2140 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to resume its upward move as long as it is above $0.2140 and $0.2120.

Ripple price is trading in a nice uptrend above $0.2000 and $0.2120 against the US Dollar. XRP price must stay above $0.2120 for more gains in the near term.

Ripple Price Analysis

In the past few days, there was a bullish trend formation for ripple price above $0.1920 against the US Dollar. The XRP/USD pair surged above the $0.2000 resistance zone and settled well above the 55 simple moving average (4-hours).

As a result, the bulls gained momentum and were able to push the price above the $0.2120 resistance. The price tested the $0.2250 resistance and a new monthly high is formed near $0.2253. Recently, there was a downside correction below the $0.2200 level.

The price broke the 23.6% Fib retracement level of the upward move from the $0.2027 low to $0.2253 high. It found support near the $0.2150 and $0.2140 levels. There is also a crucial bullish trend line forming with support near $0.2140 on the 4-hours chart of the XRP/USD pair.

The 50% Fib retracement level of the upward move from the $0.2027 low to $0.2253 high is also acting as a strong support for the bulls. If there is a downside break below the trend line support, the price might test the $0.2120 support level.

The next major support is near the $0.2100 level (the recent breakout zone), which is likely to act as a strong buy zone. Any further gains could lead the price towards $0.2000.

Conversely, the price might continue to rise above the $0.2200 level. The next major resistance is near the $0.2250 level, above which the price might test the $0.2320 resistance.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading near a couple of important support at $0.2140. It seems the pair is likely to resume its upward move as long as it is above $0.2140 and $0.2120.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.

Key Support Levels – $0.2150, $0.2120 and $0.2100.

Key Resistance Levels – $0.2200 and $0.2250.

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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