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Ripple Primed For Gains

Ripple Primed For Crucial Bullish Break, $0.2120 Seems Imminent

Avatar Aayush Jindal 2 months ago

Ripple is grinding higher above $0.1950 against the US Dollar, whereas bitcoin and Ethereum surpassed key hurdles. Therefore, XRP price is likely to climb above $0.2000 and $0.2100.

  • Ripple price is showing positive signs above the $0.1920 resistance against the US dollar.
  • Bitcoin rallied above $7,500, opening the doors for more gains in the near term.
  • There is a key rising channel forming with support near $0.1940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There are high chances of a crucial upside break above the $0.2000 resistance area.

Ripple Price Could Surpass $0.2000

Recently, there were strong gains in bitcoin and Ethereum above $7,500 and $135 respectively against the US Dollar. It sparked bullish moves in XRP above the $0.1900 resistance area.

Moreover, there was a break above $0.1940 and the 100 hourly simple moving average. Ripple price even surpassed the 76.4% Fib retracement level of the downward move from the $0.1974 high to $0.1937 low.

It seems like the price may soon surpass the $0.1974 swing high in the near term. The next key resistance is near the $0.1985 level. It coincides with the 1.236 Fib extension level of the downward move from the $0.1974 high to $0.1937 low.

In the mentioned case, there are high possibilities of an upside break above the main $0.2000 resistance area in the near term. The next target for the bulls above $0.2000 might be $0.2120 since it represents a major pivot area.

Any further gains is likely to lead the price towards the $0.2250 resistance area in the coming days.

What If XRP Fails Near $0.2000?

If ripple fails to surpass the $0.2000 resistance area, there could be another downside correction. An initial support is near the $0.1950 level. However, the main support is near the $0.1940 level.

Additionally, there is a key rising channel forming with support near $0.1940 on the hourly chart of the XRP/USD pair. If there is a downside break below the $0.1940 support, the current bullish bias is likely to invalidate in the short term.

Ripple Price

Ripple Price

Looking at the chart, ripple price is clearly trading with a positive bias above the $0.1920 and $0.1940 support levels. If the bulls remain in action above $0.1980, the price is likely to surge above $0.2000 and $0.2050.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

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

Major Support Levels – $0.1950, $0.1940 and $0.1900.

Major Resistance Levels – $0.1985, $0.2000 and $0.2050.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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