We can see major XRP resilience in the latest Ripple news, and as the price of the coin is consolidating above the $0.1920 and $0.1900 support zones, it is still stuck below the crucial $0.2000 resistance point.
There is also an important bullish flag that is forming with resistance near $0.2025 on the 4-hours chart of the XRP/USD pair. Speaking of which, XRP is likely to start a fresh upward move as long as it stays above the $0.1900 support.
A major break occurring below the $0.2050 support level showed that the price remained well above the 100 simple moving average. The price even traded below the 23.6% Fib retracement level of the upward wave from $0.1740 (the low) to the $0.2118 high.
However, the XRP resilience is holding the main uptrend support at $0.1920. The 50% Fib retracement level of the upward move from a $0.1740 low to $0.2118 high is also acting as a strong support now.
It occurs to us that there is an important bullish flag forming for XRP in the altcoin news, putting the resistance near $0.2025 on the 4-hours chart of the XRP/USD pair. On the upside, we can see hurdles near $0.2000, $0.2020 and $0.2025.
A successful close and follow through above the channel resistance, which is needed for a fresh increase towards the $0.2100 level. If the bulls succeed in this, it could even drive the Bitcoin and Ethereum higher in the coming sessions.
But if the XRP resilience continues and XRP struggles to gain strength above $0.2000 and fails to clear the channel resistance, it could continue to move down. The first major support in a case like this is near the $0.1920 level, while the crucial uptrend support is near the $0.1900 level and the 100 simple moving average (on 4 hours). Below this, the price might move into a bearish zone.
In any event, the fact that the Ripple XRP price stabilized is a good sign for investors, especially ones who are willing to hold on and wait for better returns in the near future.
The technical indicators during this XRP resilience are as following:
- 4-Hours MACD – The MACD for XRP/USD is currently showing some strength in the bearish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now dropping towards the 35 level.
- Major Support Levels – $0.1920, $0.1900 and $0.1880.
- Major Resistance Levels – $0.2000, $0.2025 and $0.2120.
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