Ripple could escape another downtrend if it manages to close above the $0.2000 key resistance level after facing hurdles near the $0.1980 and $0.2000 so let’s read more in the following Ripple price news.
Ripple is climbing towards the $0.2000 resistance and traded as high as $0.1986 against the US dollar. The price is now consolidating above the $0.1900 support and the 100 hourly simple moving average. There is a key bullish trend line forming with the support close to the $0.1900 on the hourly chart of the XRP/USD pair and the pair has to stay above the $0.1900 support to start another upward movement in the near term. The ripple price started another steady recovery wave from the $0.1820 support zone while XRP climbed above the $0.1900 and the $0.1920 resistance levels. The price even broke the $0.1950 resistance and the 100 hourly simple moving average.
It later climbed to the $0.2000 resistance but failed to continue higher. Another high was formed close to the $0.1986 before the price started a fresh decline. There was also a break below the $0.1920 level which provided support but a new low formed close to the $0.1885 and the price is now slowly rising. It surpassed the 23% fib retracement level from the recent decline to the $0.1885 low. It seems that there is a key bullish trend line that is forming with support close to the $0.1900 on the charts of the pair. On the upside, the $0.1935 level is acting as a resistance and it is close to the 50% fib retracement level of the decline from $0.1986 high to the $0.1885 low.
Ripple could escape another key resistance is close to the $0.1980 level. The main hurdle for another upward movement is close to the $0.2000 level. Another daily close above the $0.2000 level could open the doors for a steady rise towards the $0.2100 and $0.2120 levels and on the downside, the $0.1900 support zone is very important. If Ripple fails to stay above the trend line and the $0.1900 which could start a strong decline. In the stated bearish scenario, the price could start another downtrend to the $0.1820 support so further losses could lead towards $0.1800.
The technical indicators such as the hourly MACD for the XRP/USD pair is getting into the bullish zone while the hourly RSI (Relative strength index) for the pair is approaching the 50 levels.
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