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- Ripple price reversed losses and moved above the $0.1950 pivot zone against the US dollar.
- The price is now trading in a positive zone above the $0.2000 support level.
- There is a key bearish trend line forming with resistance near $0.2100 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could either surge above the $0.2100 resistance or decline again towards $0.1880.
Ripple price is currently approaching a major hurdle near $0.2100 against the US Dollar. XRP price must stay above the $0.2000 support for a break above $0.2100 in the near term.
Ripple Price Analysis
In the past few days, ripple price remained stable above the $0.1880 pivot level against the US Dollar. The XRP/USD pair managed to recovery steadily and traded above the $0.1950 resistance zone.
The recent rise was positive as the price climbed above the 50% Fib retracement level of the main slide from the $0.2250 swing high to $0.1738 swing low. It is now trading nicely above the $0.2000 level and the 55 simple moving average (4-hours).
The price is now approaching a major hurdle near the $0.2100 level. There is also a key bearish trend line forming with resistance near $0.2100 on the 4-hours chart of the XRP/USD pair.
The trend line is close to the previous breakdown zone at $0.2100 and $0.2100. Above the trend line, the next resistance is near the $0.2130 level. It is close to the 76.4% Fib retracement level of the main slide from the $0.2250 swing high to $0.1738 swing low.
A successful break above the $0.2100 and $0.2130 resistance levels may perhaps open the doors for a sharp rise in the coming sessions. Ripple price could rally above $0.2100 and it might continue to rise towards the $0.2250 resistance.
Any further gains could lead the price towards the $0.2350 and $0.2380 resistance levels. Conversely, the bulls might struggle to clear the $0.2100 resistance area.
In the mentioned bearish case, the price might start a fresh decline below $0.2020. An initial support is near the $0.2000 level or the 55 simple moving average (4-hours). The main support is near the $0.1900 zone, below which the bears are likely to take control.
Looking at the chart, ripple price is clearly approaching a major hurdle and it could either surge above the $0.2100 resistance or decline again towards $0.1880.
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 – $0.2000, $0.1950 and $0.1900.
Key Resistance Levels – $0.2100 and $0.2250.