Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ripple is trading nicely above the $0.1950 support zone against the US Dollar. XRP price is likely to start a strong rally (similar to bitcoin) if it clears the $0.2000 resistance.
- Ripple price is trading well above the $0.1900 and $0.1920 support levels against the US dollar.
- The price is currently stuck near the $0.2000 resistance zone.
- There is a significant bullish flag forming with resistance near $0.1995 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to start a strong rally if it settles above the $0.2000 and $0.2030 resistance levels.
Ripple Price Could Follow Bitcoin
In the past few sessions, ripple’s XRP remained stable above the $0.1920 support level. It even settled above the $0.1950 pivot level and the 100 simple moving average (4-hours).
Recently, there was a spike above the $0.2000 resistance, but the price failed to gain traction. A high is formed near $0.2015 and the price is currently consolidating in a tiny range. An initial support is near the $0.1965 level and the 100 simple moving average (4-hours).
The 50% Fib retracement level of the recent wave from the $0.1916 low to $0.2015 high is also near $0.1965. The next major support is near the $0.1950 level, followed by a connecting bullish trend line at $0.1940 on the 4-hours chart of the XRP/USD pair.
Ripple (XRP) price trades near $0.2000. Source: TradingView.com
The trend line is close to the 76.4% Fib retracement level of the recent wave from the $0.1916 low to $0.2015 high. More importantly, there is a significant bullish flag forming with resistance near $0.1995 on the same chart.
If there is an upside break and close above the $0.2000 level, the price could continue to rise. The next major resistance is near the $0.2030 level, above which the bulls are likely to aim a test of the $0.2120 resistance.
Dips Likely Supported in XRP
It seems like ripple could follow bitcoin’s recent upside break above the $9,300 resistance. If it fails to clear the $0.2000 resistance, there might be a short-term downside correction.
On the downside, the first major support is near the $0.1950 level, below which the price could revisit the main $0.1900 support level in the near term.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is struggling to gain strength in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Levels – $0.1965, $0.1950 and $0.1920.
Major Resistance Levels – $0.2000, $0.2030 and $0.2120.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
