Ripple (XRP) Bulls Aim Larger Breakout Above $0.20

Aayush Jindal

1 year ago

2 mins read

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Ripple price is consolidating above the $0.1850 and $0.1880 support levels against the US dollar.
XRP could start a larger rally if it clears the main $0.2000 resistance area.
There is a major breakout pattern forming with resistance near $0.1930 on the hourly chart of the XRP/USD pair (data source from Kraken).
Conversely, the pair might collapse if it breaks the $0.1850 support area.

Ripple price seems to be preparing for a larger breakout against the US Dollar, similar to bitcoin. XRP price must settle above $0.2000 to start a strong rally.

Ripple Price Analysis

In the past few days, ripple price made a couple of attempts to surpass the $0.2000 resistance against the US Dollar. However, XRP price failed to gain momentum above $0.1980 and declined recently.

Moreover, the price settled below the $0.1940 pivot level and the 100 hourly simple moving average. The last swing high was formed $0.1942 and the price is now trading with a bearish angle.

It is trading below the 23.6% Fib retracement level of the upward move from the $0.1881 low to $0.1942 high. On the downside, there are key supports forming near the $0.1900 and $0.1880 levels.

Besides, the 50% Fib retracement level of the upward move from the $0.1881 low to $0.1942 high is also near the $0.1910 level to provide support. Therefore, the bears need to push the price below the $0.1900 and $0.1880 levels to start a substantial decline.

The main support for ripple is near the $0.1850 level, below which there is a risk of a larger breakdown. In the mentioned bearish case, the price could accelerate towards the $0.1720 and $0.1650 support levels.

Conversely, the bulls could make another attempt to surpass the $0.1980 and $0.2000 resistance levels. If they succeed, the price will most likely start a larger rally above $0.2050.

In the bullish scenario, the price could surge towards the $0.2150 and $0.2200 resistance levels. More importantly, it bitcoin gains pace above $7,500 and Ethereum breaks $138, ripple might also gain a strong bullish momentum.

Looking at the chart, ripple price seems to be confined in a range below the main $0.1980 and $0.2000 resistance levels. As long as there is no close below $0.1850, the price is likely to aim a crucial bullish break above the $0.2000 barrier in the coming days.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish angle.

Major Support Levels – $0.1900, $0.1880 and $0.1850.

Major Resistance Levels – $0.1940, $0.1900 and $0.2000.

Aayush Jindal

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