What is very buzzing in the crypto news today is the fact that the Ripple XRP price rallies and escapes from the $0.1820 support zone against the US Dollar. The price of XRP seems to have formed a double bottom pattern and it could rise further towards $0.2000.
On the day, Ripple is up by more than 4% and it is now trading above $0.1900 against the US dollar. A double bottom pattern is likely forming near the $0.1820 support zone. As the Ripple cryptocurrency extended its decline below the $0.1880 support level, it later escaped and stabilized in the upper regions.
Analysts are now hoping that as the Ripple XRP price rallies above its key resistance, it is likely to break the $0.1950 resistance and continue higher. Bulls are expecting another cross above the $0.2000 mark and Ripple manages to clear many key hurdles as it moves into a positive zone.
In fact, the photo above shows us that it was the bulls pushing the price above the 76.4% Fib retracement level of the downward move from the $0.1922 high to the $0.1818 low. There was also a noticeable break above a key bearish trend line with resistance near $0.1910 on the hourly chart of XRP/USD.
The Ripple XRP price rallies and is now trading above the $0.1922 high as it is likely to test the $0.1950 resistance levels. This coincides with the 1.236 Fib extension level of the downward move from the $0.1922 high to the $0.1818 low.
If Ripple surpasses the $0.1950 resistance, it is very likely to test the $0.2000 resistance zone and complete the double bottom pattern. Any further gains could also lead the price towards a new $0.2020 resistance zone in the near term.
Meanwhile, the rest of the market is also positive and reacting to the 4% increase in the Bitcoin price this morning. One of the best performers on the day is Cardano (ADA) – the Cardano news showed a 9.44% increase this morning.
Currently, the technical indicators are as following:
- Hourly MACD – The MACD for XRP/USD is currently establishing a secure pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is right now positioned well above the 50 level.
- Major Support Levels – $0.1900, $0.1880 and $0.1820.
- Major Resistance Levels – $0.1950, $0.2000 and $0.2020.
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