- Ripple price is showing positive signs above the $0.1900 level against the US dollar.
- The price must gain momentum above $0.2000 to start a strong rally.
- There was a break above a key bearish trend line with resistance near $0.1945 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair remains well bid near $0.1910 and it seems to be setting up for a large rally.
Ripple price is trading within a broad range below $0.2000 against the US Dollar. XRP price is likely to surge towards $0.2220 once it clears the $0.2000 resistance.
Ripple Price Analysis
After a strong decline, ripple price found support near the $0.1750 area against the US Dollar. XRP/USD started a decent recovery and recently settled above the $0.1900 level.
Later, there was a support base formed near $0.1840 and the price climbed above the $0.1910 resistance. Besides, there was a break above a key bearish trend line with resistance near $0.1945 on the 4-hours chart of the XRP/USD pair.
Ripple price is now trading above $0.1950 and the 55 simple moving average (4-hours). However, there is a crucial hurdle waiting near the $0.2000 area. The recent high was near $0.1980 and the price is currently correcting lower.
It is testing the 23.6% Fib retracement level of the upward move from the $0.1841 low to $0.1980 high. Additionally, it is testing the same bearish trend line near $0.1948.
The main support is near the $0.1910 level and 55 simple moving average (4-hours). It also coincides with the 50% Fib retracement level of the upward move from the $0.1841 low to $0.1980 high.
Any further losses may perhaps lead the price towards the $0.1880 support area. The next major support is near $0.1840, below which the price could start another major decline towards the $0.1750 level.
Conversely, the price might climb above the key $0.2000 resistance. If the bulls gain traction above $0.2000, the next stop for them might be near the $0.2100 area. Any further gains is likely to call for a push towards $0.2200.
Looking at the chart, ripple price is showing positive signs above the $0.1940 and $0.1910 support levels. Therefore, there are high chances of a strong rally above the $0.2000 resistance area in the near term.
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 50 level.
Key Support Levels – $0.1940, $0.1910 and $0.1840.
Key Resistance Levels – $0.2000 and $0.2100.
