Ripple Nears Key Breakout Resistance, BTC & ETH Gain Traction

Aayush Jindal

1 year ago

2 mins read

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Ripple price is slowly grinding higher and approaching the $0.2000 resistance against the US dollar.
XRP seems to be forming a nice support near the $0.1940 and $0.1925 levels.
There is a key rising channel forming with support near $0.1945 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price remains well bid and it could make another attempt to break the key $0.2000 resistance.

Ripple price is closing in towards key resistance against the US Dollar, while BTC and ETH are showing positive signs. XRP price is likely to rally if it breaks $0.2000.

Ripple Price Analysis

After forming a support base near $0.1850, ripple price started a fresh increase against the US Dollar. Moreover, bitcoin and Ethereum rallied recently towards the $7,500 and $138 resistance respectively.

XRP price managed to climb above the $0.1940 resistance and the 100 hourly simple moving average. Finally, there was a push towards the main $0.2000 resistance area.

However, the bulls failed to gain momentum above $0.2000 and a high is formed near $0.1982. Ripple price is currently correcting lower below the 23.6% Fib retracement level of the recent wave from the $0.1908 low to $0.1982 high.

The price is now approaching the $0.1940 support area. Additionally, the 50% Fib retracement level of the recent wave from the $0.1908 low to $0.1982 high is near the $0.1945 level.

More importantly, there is a key rising channel forming with support near $0.1945 on the hourly chart of the XRP/USD pair. If there is a downside break below the channel support and $0.1940, the price could reverse its recent gains.

The next key support is near the $0.1910 level and the 100 hourly simple moving average. Any further losses may perhaps lead the price back towards the $0.1850 support area.

Conversely, the price might make another attempt to surpass the $0.1980 and $0.2000 resistance levels. If there is a successful close above the $0.2000 resistance area, the price is likely to rally towards the $0.2120 and $0.2150 resistance levels in the near term.

Looking at the chart, ripple price is slowly rising and closing in towards the main $0.2000 resistance level. It might continue to rise and likely to surpass the $0.2000 resistance if both bitcoin and Ethereum climbs above $7,500 and $140 respectively.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with a flat structure.

Major Support Levels – $0.1945, $0.1940 and $0.1910.

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

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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