Key Highlights
- Ripple price surged higher and broke the $0.2000 resistance against the US Dollar.
- There are two bullish trend lines forming with support at $0.2050 and $0.1900 on the hourly chart of XRP/USD (data source from Kraken).
- The price might continue to gain pace and could even break the $0.2150 resistance.
Ripple price rocketed higher against the US Dollar and Bitcoin. XRP/USD is now above $0.2000 and looking to extend gains in the near term.
Ripple Price Uptrend
In yesterday’s analysis, we discussed the chances of Ripple price breaking the $0.2000 resistance against the US Dollar. The price gained a lot of strength recently and was able to move above the $0.2000 resistance. It also broke the $0.2100 resistance and traded as high as $0.2150. At the moment, the price is correcting lower towards $0.2080. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.1815 low to $0.2150 high.
Moreover, there are two bullish trend lines forming with support at $0.2050 and $0.1900 on the hourly chart of XRP/USD. The first trend line support is above the 38.2% Fib retracement level of the last wave from the $0.1815 low to $0.2150 high. Therefore, buyers might take a stand near $0.2050. If the price remains above $0.2050, it would resume its uptrend.
A break above the $0.2150 is possible in the near term. The next upside hurdle could be around the $0.2200 level, which is a pivot zone. On the downside, if the $0.2050 support fails to hold, the next major support is at $0.1950. The $0.1950 support is also the 61.8% Fib retracement level of the last wave from the $0.1815 low to $0.2150 high. Overall, buying dips towards $0.2050 or $0.2000 can be considered in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting from the overbought levels.
Major Support Level – $0.2050
Major Resistance Level – $0.2150
Charts courtesy – Trading View, Kraken
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