This Confluence Of Bullish Factors Shows Ripple (XRP) Could Rally To $0.212

Aayush Jindal

1 year ago

2 mins read

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Ripple is up more than 5% and it settled nicely above the $0.2000 pivot level against the US Dollar. XRP price is currently rising and it could continue to rise towards $0.2120.

Ripple is slowly gaining bullish momentum above the $0.2000 resistance against the US dollar.
The price is trading in a positive zone above $0.2020 and the 100 hourly SMA.
There is a rising channel forming with resistance near $0.2065 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another rally if there is a successful close above the $0.2065 resistance.

Ripple Price Could Extend Rally Above $0.2100

After consolidating above the $0.1820 support for a few sessions, ripple started a strong rally. XRP price broke many resistances near $0.1920 and $0.1950 to move into a positive zone.

There was also a close above the main $0.2000 resistance. The price traded to a new monthly high at $0.2064 and it is currently trading well above the 100 hourly simple moving average. Recently, there was a downside correction, but the bulls protected the $0.2000 support area.

The recent swing low was near $0.1978 and high at $0.2064. An initial support is near the $0.2020 level. It is close to the 50% Fib retracement level of the upward move from the $0.1978 swing low to $0.2064 high.

XRP price settles above $0.2000. Source: TradingView.com

It seems like there is a rising channel forming with resistance near $0.2065 on the hourly chart of the XRP/USD pair. If there is an upside break above the $0.2065 resistance zone, the price could continue to rise. The next key resistance is near $0.2100, followed by the $0.2120 barrier.

Any further gains above $0.2120 could open the doors for a larger upward move above the $0.2150 and $0.2185 levels in the coming sessions.

Dips Supported in XRP

If ripple price starts a downside correction below $0.2020, it could find support near the $0.2000 level and the channel lower trend line.

A successful daily close below the $0.2000 support level might clear the path for a large degree correction. The next major support is near the $0.1890 level and the 100 hourly SMA.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is above the 60 level.

Major Support Levels – $0.2020, $0.2000 and $0.1980.

Major Resistance Levels – $0.2065, $0.2120 and $0.2150.

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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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