A ripple key trend is forming as XRP consolidates above the $0.2000 support against the US dollar. The price is likely to start a strong increase to the $0.21000 level as long as it stays above the 100 SMA so let’s read more in the following Ripple XRP news.
The XRP price is now trading above the main $0.2000 support zone against the US dollar. A new Ripple key trend is forming close to the resistances at $0.2040 and $0.2075 levels. There’s also a major declining channel forming with the resistance to the $0.2040 level on the 4-hour charts. The pair is likely to accelerate higher if there’s a clear break above the $0.2075. Over the past few days, Ripple followed a new bearish path below the $0.2100 pivot level so XRP broke the $0.2020 support zone but remained well above the $0.2000 one.
The price is consolidating above the $0.2000 support and the 100 simple moving average while the last swing high was close to the $0.2073 before the price dropped to the $0.2000 level. The new low formed close to the $0.1986 and the price is rising continuously. XRP consolidates above the 50% Fib retracement level of the decline from $0.2073 high to the $0.1986 low. It seems that there’s a major declining channel forming with a resistance close to the $0.2040 on the 4-hour charts of the pair. The channel resistance is getting close to the 61% fib retracement level from the recent decline of $0.2073 high to $0.1986 low. If there’s an upside break above the channel resistance, the price could test the $0.2075 resistance zone.
A successful close above the $0.2075 resistance could open the doors for a bigger upward move while the next major resistance is close to the $0.2140 level above which the bulls could get in an push the price towards $0.2250. Looking at the downside, there is crucial support forming close to the $0.2000 and the 100 simple moving average. If Ripple fails this support level, there could be a risk of a larger decline. The successful close below the $0.2000 support could lead the price to the $0.1920 support in the near-term.
#Ripple in the ocean turn into waves. pic.twitter.com/3q12B67ZNg— ₿TC (@Trader_Lewis) June 8, 2020
#Ripple in the ocean turn into waves. pic.twitter.com/3q12B67ZNg
— ₿TC (@Trader_Lewis) June 8, 2020
The 4-hour MACD for the XRP/USD pair is slowly gaining momentum in the bullish zone. The 4-hour RSI is now below the 50 levels while the major support levels include $0.2000, $0.1920, $0.1900, as per the data that we have in our Ripple XRP news today.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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