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Ripple (XRP) Looks Ready For Another Leg Higher Over $0.20

Ripple is currently correcting lower from the $0.2000 support against the US Dollar. XRP price is likely to start a fresh increase unless there is a clear break below $0.1920.

  • Ripple price is correcting lower from the $0.1997 weekly high against the US dollar.
  • The bulls are protecting the $0.1950 support and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $0.1960 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to surge above $0.2000 as long as it is above the $0.1920 support zone.

Ripple Price Remains Supported

Recently, ripple spiked above the $0.1980 resistance area and tested the $0.2000 hurdle. XRP price traded as high as $0.1997 and failed to extend gains above $0.2000.

It started a downside correction and traded below the $0.1965 support. However, the $0.1950 level acted as a strong support along with the 100 hourly simple moving average.

A low is formed near $0.1944 and the price is currently following a bullish breakout pattern. It surpassed the 50% Fib retracement level of the recent decline from the $0.1997 high to $0.1944 low.

On the upside, the bulls are facing hurdles near the $0.1980 level and a connecting bearish trend line on the hourly chart of the XRP/USD pair. Ripple is also struggling to clear the 61.8% Fib retracement level of the recent decline from the $0.1997 high to $0.1944 low.

Ripple Price

Ripple Price

If there is an upside break above the $0.1980 resistance, the price could revisit the $0.2000 resistance area. A successful break and follow through above the $0.2000 hurdle is must for another surge.

An immediate resistance above $0.2000 is near the $0.2020 level, above which the bulls are likely to aim a test of the $0.2120 level.

Downside Break?

Ripple is clearly trading near a major support above $0.1955 and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $0.1960 on the same chart.

If the price fails to stay above the trend line and the 100 hourly SMA, it could correct further lower below $0.1950. The next major support is near $0.1920, below which there is a risk of a strong decline towards $0.1850.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.

Major Support Levels – $0.1950, $0.1920 and $0.1880.

Major Resistance Levels – $0.1980, $0.2000 and $0.2020.

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Ripple (XRP) Looks Ready For Another Leg Higher Over $0.20 was last modified: April 28th, 2020 by Aayush Jindal

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