Ripple (XRP) Seems Ready For Another Leg Higher Over $0.19

Aayush Jindal

1 year ago

2 mins read

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Ripple rallied recently above $0.1900 and $0.1910 against the US Dollar. XRP price is currently correcting gains, but it is likely to climb back above $0.1900 in the near term.

Ripple price is showing a lot of positive signs above the $0.1840 support against the US dollar.
A new weekly high is formed near $0.1935 and the price is currently correcting lower.
There is a major bullish trend line forming with support near $0.1850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase as long as it is above $0.1850 and $0.1840.

Ripple Price Approaching Support

After trading to a new weekly low at $0.1740, ripple started a fresh rally following the footsteps of Ethereum and bitcoin. XRP price surged above the $0.1800 and $0.1850 resistance levels to move back into a positive zone.

The price even rallied above the $0.1900 resistance and settled above the 100 hourly simple moving average. It traded to new weekly high near $0.1935 and it is currently correcting lower. There was a break below the $0.1900 level.

Besides, there was a break below the 23.6% Fib retracement level of the recent rally from the $0.1740 low to $1935 high. Ripple is now approaching a major support near the $0.1850 level and the 100 hourly simple moving average.

There is also a major bullish trend line forming with support near $0.1850 on the hourly chart of the XRP/USD pair. Below the trend line, the next key support is near the $0.1840 level.

The 50% Fib retracement level of the recent rally from the $0.1740 low to $1935 high is also near the $0.1840 level to act as a strong support. Therefore, the price is likely to bounce back above $0.1900 as long as it is trading above the $0.1840 support.

More Downsides?

If ripple fails to stay above the key $0.1850 and $0.1840 support levels, there are chances of more losses in the near term. The next key support is seen near the $0.1810 level.

Any further losses below $0.1810 may perhaps lead the price back towards the $0.1740 swing low. Overall, the current trend is positive and the price might rise again unless it breaks the $0.1840 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.

Major Support Levels – $0.1850, $0.1840 and $0.1810.

Major Resistance Levels – $0.1900, $0.1920 and $0.1950.

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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