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Ripple (XRP) Retreats From Key Resistance But Bulls Are Comfortable

Avatar Aayush Jindal 2 months ago

Ripple is up close to 10% and it broke the $0.2000 resistance against the US Dollar. However, XRP price struggled to gain strength above $0.2025 and it is currently correcting gains.

  • Ripple price is showing a lot of positive signs and it rallied above the $0.1880 resistance against the US dollar.
  • There was a sharp rally above the $0.2000 barrier, but the bulls failed to remain in action above $0.2025.
  • There is a key bullish trend line forming with support near $0.1940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to find a decent buying interest near the $0.1940 and $0.1910 support levels.

Ripple Price Rallies 10%

In the past three sessions, there was a sharp increase in bitcoin, Ethereum, and ripple above key hurdles. XRP gained traction and rallied above the $0.1850 and $0.1880 resistance levels.

There was a successful close above the $0.1880 barrier and the 100 hourly simple moving average. The bulls were able to lead the price above the $0.2000 resistance area.

Finally, there was a spike above the $0.2040 level, but the price failed to remain above the key $0.2025 pivot zone. A new monthly high is formed near $0.2055 and the price is currently correcting lower.

Ripple price traded below the $0.2000 support. There was a break below the 23.6% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high. On the downside, an initial support is near the $0.1960 level.

There is also a key bullish trend line forming with support near $0.1940 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high is the next key support near the $0.1910 level.

Ripple Price

Ripple Price

Therefore, dips from the current levels could find a strong buying interest near the $0.1940 and $0.1910 levels. Any further losses may perhaps call for a test of the $0.1880 pivot level.

Fresh Rally

If ripple remains stable above the $0.1940 and $0.1910 support levels, it could start another increase in the coming sessions. An initial resistance is near the $0.2000 level.

The main hurdle is near the $0.2025 level, above which the bulls are likely to aim a break above the $0.2055 and $0.2065 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its current bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from well above the 70 level.

Major Support Levels – $0.1960, $0.1940 and $0.1910.

Major Resistance Levels – $0.2000, $0.2025 and $0.2055.

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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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