The main token of the Ripple cryptocurrency XRP must break new levels in order to trade higher. Currently, the Ripple XRP price is consolidating above the $0.2000 pivot level against the US dollar and is facing a lot of hurdles near the $0.2100 and $0.2150 levels.
Yesterday, we saw a major decline in Ripple below the $0.2200 and $0.2050 levels, and the XRP price even dived below the $0.2000 support level, settling well below the 100 hourly simple moving average.
A new monthly low is being formed near the $0.1981 level and XRP must break above $0.2000 soon in order to escape this. Even though its position is back above $0.2000, XRP is facing a lot of hurdles.
The altcoin news and rumors show that many altcoins suffer from weak positions now. More importantly, there is a key bearish trend line in the top 10 crypto list which is forming for every coin. In Ripple’s case, the resistance is near $0.2085 on the hourly chart of the XRP/USD pair.
If there is an upside break above the trend line, the XRP price might recover towards the $0.2150 resistance. A successful break above this level could start a strong recovery in the coming sessions.
The next major resistance is now placed near the $0.2215 level since it is close to the 50% Fib retracement level of the recent drop from the $0.2450 high to the $0.1981 low. XRP must do everything it can to provoke further gains and escape towards the $0.2280 resistance level and the 100 hourly SMA. An intermediate resistance is now placed near the $0.2250 level.
Still, if XRP fails to correct above the $0.2100 and $0.2150 resistance levels, the decline is very likely to be resumed. An initial support is near the key $0.2000 pivot area. Also, a clear break below this area may spark a sharp decline. Below $0.1981, there is a risk of a new drop below $0.1920 in the near term.
The cryptocurrency news today show that the technical indicators for XRP are as following:
- Hourly MACD – The MACD for XRP/USD is moving in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is right now recovering and it is positioned close to the 50 level.
- Major Support Levels – $0.2040, $0.2020 and $0.2000.
- Major Resistance Levels – $0.2100, $0.2120 and $0.2150.
The total cryptocurrency market today is at $224 billion and Bitcoin’s dominance is at 64.2%.
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