The price of Ripple started a downside correction recently and slid from its price, after which it retraced and made profits. As we can see in the crypto news today, the XRP price starts the day trading above $0.19. The current price of Ripple (XRP) is $0.197 and a successful daily close above the $0.20 barrier could definitely start a larger rally.
Yesterday, we saw a strong rise in Ripple’s movement above the $0.1880 and $0.1950 resistance levels. This was a time when XRP even broke the key $0.2000 resistance area but failed to settle above the $0.2025 resistance area.
The two attempts by the bulls allowed Ripple to gain some movement, as the XRP price starts the day above $0.19 now. However, the Ripple XRP price failed to settle above the $0.2025 resistance area.
As a result, we saw a downside correction overnight. Luckily, just like other coins in the news, the Ripple news showed a nice increase and XRP went on surging. The 50% Fib retracement level of the upward move from the $0.1765 swing low to the $0.2055 monthly high also provided support. At press time, the XRP price is rising again and trading above the $0.1970 level.
On the upside, there is a major hurdle forming near the $0.2000 level. There is also a noticeable bearish trend line forming with resistance near $0.2000 on the hourly chart of the XRP/USD pair.
As the XRP price starts the day above $0.19, the $0.20 barrier is now a key level to watch out for. The next hurdle is near $0.2050 above which the bulls are very likely to aim for 2050 above which the bulls are very likely to aim for $0..
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2120 and even $0.2150.
If Ripple struggles to continue above the $0.20 resistance, it could also correct lower. An initial support is near the $0.1920 level and the main support zone is near the $0.1900 and $0.1880 levels.
Additionally, we can see that the 100 hourly SMA is also near the $0.1880 level to provide support. If we see a daily close below this line, the price of XRP could extend its decline in the near term.
The technical indicators for Ripple (XRP) right now are as following:
- Hourly MACD – The MACD for XRP/USD is preparing to move back into the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently back above the 50 level.
- Major Support Levels – $0.1920, $0.1900 and $0.1880.
- Major Resistance Levels – $0.2000, $0.2025 and $0.2050.
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