Ripple is trading nicely in a bullish zone above $0.1950 against the US Dollar. XRP price is likely to accelerate higher above the $0.2000 and $0.2020 resistance levels.
- Ripple price is showing signs of more upsides above $0.2000 against the US dollar.
- A key support is forming near the $0.1920 pivot level.
- There is a major bullish trend line forming with support near $0.1955 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue higher above $0.2000 as long as it is trading above the $0.1920 pivot level.
Ripple Price Could Rally Further
After forming a strong support base above $0.1900 and $0.1920, ripple started a fresh increase. XRP price broke a key resistance near the $0.1950 level to move further into a positive zone.
There was also a break above the $0.1980 weekly resistance area. Ripple settled nicely in a positive zone above the 100 hourly simple moving average, similar to bitcoin and Ethereum.
A new weekly high is formed near $0.1997 and the price is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high.
The first major support is near the $0.1965 level (the recent breakout zone). The next major support is seen near the $0.1955 level. Besides, there is a major bullish trend line forming with support near $0.1955 on the hourly chart of the XRP/USD pair.
The trend line is close to the 50% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high. On the upside, an immediate resistance for the bulls is near the $0.2000 level.
A successful break and follow through above the $0.2000 level could start a strong rise. The next immediate resistance is near the $0.2050 level, above which the price might rally towards the $0.2120 level.
Ripple is well supported on the downside, starting with $0.1965 and $0.1950. The 100 hourly simple moving average is also near $0.1945 to provide support.
The main support is now forming near the $0.1920 level, below which there is a risk of a larger decline towards the $0.1880 and $0.1850 levels in the near term.
Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 55 level.
Major Support Levels – $0.1965, $0.1955 and $0.1920.
Major Resistance Levels – $0.2000, $0.2020 and $0.2050.
Risk disclaimer: 76.4% of retail CFD accounts lose money.