Ripple (XRP) Is Primed To Rally Past $0.20: Here’s Why

Aayush Jindal

1 year ago

2 mins read

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Ripple is forming a strong support base above $0.1850 against the US Dollar. XRP price is likely to continue higher and it might surge above the $0.1980-$0.2000 resistance zone.

Ripple price likely to remain well bid above the $0.1850 support area against the US dollar.
Two key hurdles are forming on the upside near $0.1980 and $0.2000.
There is a key bullish trend line forming with support near $0.1900 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise and it might even surge above the $0.2000 barrier.

Ripple Price Following Uptrend

This past week, ripple gained traction and broke many key hurdles, similar to Ethereum and bitcoin. XRP price cleared the main $0.1850 resistance zone to move into a bullish zone.

There was also a close above the $0.1900 level and the 100 hourly simple moving average. The price traded as high as $0.1976 before correcting lower. It broke the $0.1920 support, but remained well bid above the $0.1880 level.

A low is formed near $0.1882 and the price is currently rising. Ripple surpassed the 50% Fib retracement level of the recent decline from the $0.1976 high to $0.1882 low. On the downside, there is a key bullish trend line forming with support near $0.1900 on the hourly chart of the XRP/USD pair.

On the upside, an initial resistance is near the $0.1950 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.1976 high to $0.1882 low.

A successful break above the $0.1950 resistance might open the doors for more upsides above $0.1980. The main hurdle is still near $0.2000, above which the bulls are likely to aim a test of the $0.2050 level.

Fresh Decline?

On the downside, the $0.1900 support area, the trend line, and the 100 hourly simple moving average hold the key. The main support is now forming near the $0.1850 level.

If ripple fails to stay above the $0.1900 and $0.1850 support levels, it could move into a bearish zone. In the mentioned case, there is a risk of a downside extension towards the $0.1740 level in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.

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

Major Resistance Levels – $0.1950, $0.1980 and $0.2000.

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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.

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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