- Ripple price is slowly rising and trading above the $0.1925 resistance against the US dollar.
- The price is likely to rise steadily above the $0.1950 and $0.1980 resistance levels.
- There was a break above a major bearish trend line with resistance near $0.1932 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is approaching a crucial resistance near $0.2000, above which there could be sharp gains.
Ripple price is showing positive signs above $0.1900 against the US Dollar. XRP price could start a strong rally once it clears the $0.2000 resistance area in the near term.
Ripple Price Analysis
After a steady decline, ripple price found support near the $0.1850 area against the US Dollar. As a result, XRP/USD started a decent recovery and climbed above the $0.1900 resistance area.
Furthermore, there was a break above the $0.1910 resistance and 55 simple moving average (4-hours). It opened the doors for more gains above the $0.1950 levels.
More importantly, there was a break above a major bearish trend line with resistance near $0.1932 on the 4-hours chart of the XRP/USD pair. The pair is now trading above the 76.4% Fib retracement level of the downward move from the $0.1979 high to $0.1838 low.
It seems like ripple price is about to clear the $0.1980 resistance area and the last swing high. In the mentioned case, it is likely to surpass the $0.2000 resistance area.
The next major resistance is near the $0.2015 level. It represents the 1.236 Fib extension level of the downward move from the $0.1979 high to $0.1838 low. Any further gains could lead the price towards the $0.2080 and $0.2100 resistance levels.
Conversely, the price might correct lower in the short term below the $0.1950 level. An initial support is near the $0.1920 level and the 55 simple moving average (4-hours).
If the price fails to stay above the 55 simple moving average (4-hours), there are chances of a fresh decrease back towards the $0.1850 support area in the near term.
Looking at the chart, ripple price is gaining pace above the $0.1950 resistance area. Therefore, there are high chances of an upside continuation above the $0.2000 resistance. The main hurdles for the bulls are near the $0.2080 and $0.2100 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 – $0.1950, $0.1920 and $0.1840.
Key Resistance Levels – $0.2000 and $0.2100.
