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

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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.

Ripple Price

Ripple Price

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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Source link Litecoin News

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