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Ripple traded to a new monthly high at $0.2118 against the US Dollar. XRP price is currently correcting lower, but dips remain well supported near $0.1980 and the 100 hourly SMA.
- Ripple started a downside correction after trading as high as $0.2118 against the US dollar.
- The price is currently testing the $0.2000 support and it is well above the 100 hourly SMA.
- There is a connecting bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to bounce back as long as it is above $0.1950 and the 100 hourly SMA.
Ripple Price Testing Key Supports
After a successful close above the $0.2000 region, ripple extended its upward move. XRP price even traded above the $0.2050 resistance and settled well above the 100 hourly simple moving average.
It traded to a new monthly high at $0.2118 and recently started a downside correction. There was a break below the $0.2050 and $0.2040 support levels. The price tested the $0.2000 and $0.1985 support levels.
It seems like the 50% Fib retracement level of the upward move from the $0.1831 low to $0.2188 high is acting as a strong support. Moreover, there is a connecting bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair.
Ripple price below $0.2020. Source: TradingView.com
The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.1831 low to $0.2188 high. The 100 hourly simple moving average is also near the $0.1940 level to provide support.
On the upside, an initial resistance is near the $0.2020 level. The first major resistance is near the $0.2050 level, above which the price could rally towards the $0.2120 and $0.2150 levels in the near term.
100 Hourly SMA Holds The Key for XRP
On the downside, the trend line support and the 100 hourly SMA hold the key. If there is a downside break and close below the $0.1950 level, the price could start a major downward move.
The next major support is near the $0.1900 level, below which the price might continue to move down towards the $0.1820 level in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just below the 50 level.
Major Support Levels – $0.1980, $0.1950 and $0.1940.
Major Resistance Levels – $0.2020, $0.2050 and $0.2120.
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