Ripple (XRP) Bulls Aim Big After Recent Close Above Key Resistance

Aayush Jindal

1 year ago

2 mins read

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Ripple is trading nicely in a bullish zone above $0.1950 against the US Dollar. XRP price is likely to accelerate higher above the $0.2000 and $0.2020 resistance levels.

Ripple price is showing signs of more upsides above $0.2000 against the US dollar.
A key support is forming near the $0.1920 pivot level.
There is a major bullish trend line forming with support near $0.1955 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to continue higher above $0.2000 as long as it is trading above the $0.1920 pivot level.

Ripple Price Could Rally Further

After forming a strong support base above $0.1900 and $0.1920, ripple started a fresh increase. XRP price broke a key resistance near the $0.1950 level to move further into a positive zone.

There was also a break above the $0.1980 weekly resistance area. Ripple settled nicely in a positive zone above the 100 hourly simple moving average, similar to bitcoin and Ethereum.

A new weekly high is formed near $0.1997 and the price is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high.

The first major support is near the $0.1965 level (the recent breakout zone). The next major support is seen near the $0.1955 level. Besides, there is a major bullish trend line forming with support near $0.1955 on the hourly chart of the XRP/USD pair.

The trend line is close to the 50% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high. On the upside, an immediate resistance for the bulls is near the $0.2000 level.

A successful break and follow through above the $0.2000 level could start a strong rise. The next immediate resistance is near the $0.2050 level, above which the price might rally towards the $0.2120 level.

Dips Limited

Ripple is well supported on the downside, starting with $0.1965 and $0.1950. The 100 hourly simple moving average is also near $0.1945 to provide support.

The main support is now forming near the $0.1920 level, below which there is a risk of a larger decline towards the $0.1880 and $0.1850 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 55 level.

Major Support Levels – $0.1965, $0.1955 and $0.1920.

Major Resistance Levels – $0.2000, $0.2020 and $0.2050.

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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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