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Ripple rallied to a new monthly high at $0.2358 before correcting gains against the US Dollar. XRP price is now trading above the $0.2100 support and likely to start a fresh increase.
- Ripple price declined sharply after it failed to surpass the $0.2350 resistance against the US dollar.
- It is now trading above the $0.2100 support and likely restart its increase.
- There is a major bullish trend line forming with support near $0.2125 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could climb back above $0.2200 and $0.2220 resistance levels in the near term.
Ripple Price Holding Uptrend Support
In the past two days, there was a strong surge in bitcoin, Ethereum and ripple. XRP formed a strong support base above $0.2000 and rallied above the $0.2120 and $0.2200 resistance levels.
It even climbed above $0.2320 and settled well above the 100 hourly simple moving average. Finally, the price traded to a new monthly high at $0.2358 and recently started a sharp downside correction.
There was a break below the $0.2200 support zone. Ripple even spiked below the $0.2100 support zone, but it remained well bid near the 100 hourly simple moving average. A low is formed near $0.2085 and the price is currently rising.
It is trading above the $0.2120 level, and the 23.6% Fib retracement level of the recent decline from the $0.2358 high to $0.2085 low. There is also a major bullish trend line forming with support near $0.2125 on the hourly chart of the XRP/USD pair.
On the upside, an initial resistance is seen near the $0.2185 level. The first major resistance is near the $0.2220 level since it is close to the 50% Fib retracement level of the recent decline from the $0.2358 high to $0.2085 low.
To start a fresh increase, the price must gain momentum above the $0.2185 and $0.2220 resistance levels. The next major hurdle is near the $0.2300 and $0.2350 levels.
More Downsides?
Ripple is clearly trading above a major support zone at $0.2100 and the 100 hourly SMA. If it fails to stay above $0.2100, there is a risk of more downsides.
The next major support is near the $0.2050 level, below which the bears are likely to aim a test of the key $0.2000 support zone in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is moving back in bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and likely to climb above the 50 level.
Major Support Levels – $0.2120, $0.2100 and $0.2050.
Major Resistance Levels – $0.2185, $0.2220 and $0.2300.
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