HomeAltcoin NewsRipple Price Analysis: XRP Approaching Significant Resistance

Ripple Price Analysis: XRP Approaching Significant Resistance

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  • 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.

Ripple Price
Ripple Price

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.

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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