According to many analysts and traders in the cryptonews, the Ripple XRP price must settle above the $0.1950 levels in order to reclaim the upside momentum and start a strong rally in the near term. The price of the cryptocurrency is slowly moving higher after testing the $0.1850 support against USD.
Over the past week, Ripple followed a major bearish path below the $0.1950 level. This was a pivot level and the XRP price must settle above it in order to post gains now.
Once XRP started testing the $0.1850 support and settling well below the 100 simple moving average on 4 hours, it traded as low as $0.1848 and recently started a new upside correction. There was a break above the $0.1880 resistance level which raised the hopes of many traders.
Now, the price of Ripple is still trading well below $0.1920 in the XRP news today, and the 100 simple moving average (on 4 hours) is also well behind. We could notice a break above a major bearish trend line with resistance near $0.1890 on the 4-hours chart of the XRP/USD pair.
The Ripple bulls even pushed the price above the 23.6% Fib retracement level of the downward move from a $0.1986 high to a $0.1848 low. There was a clean break above a major bearish trend line with resistance near $0.1890 on the 4-hours chart of XRP/USD. Now, the XRP price must settle above $0.1950 to initiate a rally.
Currently consolidating above the broken trend line and below $0.1900, the XRP price must settle above $0.1920 as its first major resistance and the 100 simple moving average on 4 hours next. The 50% Fib retracement level of the downward move from a $0.1986 high to a $0.1848 low is also near $0.1917.
Now, the main breakout resistance is near the $0.1950 level. If we see a successful break above $0.1920 and $0.1950, the price could start a steady increase. In a case like this, the next key resistance would be near $0.2000 and followed by the $0.2080 level.
On the other hand, if XRP fails to continue higher, the first line of support is near $0.1850, after which the bulls will probably fight to protect the $0.1825 level. The technical indicators for Ripple XRP are as following:
- 4-Hours MACD – The MACD for XRP/USD is keeping up but struggling in the bullish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now solid above the 50 level.
- Major Support Levels – $0.1850, $0.1825 and $0.1800.
- Major Resistance Levels – $0.1920, $0.1950 and $0.2000.
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