Ripple Price Analysis: XRP Primed For More Upsides Above $0.22
- Ripple price is trading in a positive zone above the $0.2000 support against the US dollar.
- The price is facing hurdles near the $0.2200 and $0.2250 levels.
- There is a breakout pattern forming with resistance near $0.2175 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to accelerate gains above the $0.2175 and $0.2200 levels in the near term.
Ripple price is trading in an uptrend above $0.2000 against the US Dollar. XRP price could start another rally if it climbs above the $0.2175 resistance area.
Ripple Price Analysis
There was a nice upward move in ripple price from the $0.1840 support area against the US Dollar. XRP/USD climbed above the $0.2000 resistance area to enter a positive zone.
Moreover, there was a close above the $0.2000 level and the 55 simple moving average (4-hours). It opened the doors for more gains above the $0.2100 level. Finally, the price tested the $0.2250 resistance area before correcting lower.
It broke the $0.2150 support, but it stayed above the $0.2000 support. A low was formed near $0.2001 and the price climbed towards $0.2200. Ripple is currently declining and trading below the 23.6% Fib retracement level of the upward move from the $0.2001 low to $0.2195 high.
An initial support on the downside is near the $0.2095 level. It represents the 50% Fib retracement level of the upward move from the $0.2001 low to $0.2195 high.
On the upside, there is a key hurdle forming near $0.2180. Additionally, there is a breakout pattern forming with resistance near $0.2175 on the 4-hours chart of the XRP/USD pair.
Therefore, a clear break above the $0.2175 and $0.2180 levels might set the pace for more gains. Finally, a close above the $0.2200 level might set the pace for a strong rise towards the $0.2250 and $0.2300 levels.
Conversely, the price breaks the $0.2100 support area and the 55 simple moving average (4-hours). The next major sport is near the $0.2000 level, below which the price is likely to turn bearish in the near term.
Looking at the chart, ripple price is correcting gains from the $0.2250 barrier. However, the price remains well supported on the downside near $0.2100 and $0.2000. Unless there is a close below $0.2000, the price is likely to climb higher above $0.2200 and $0.2250.
4 hours MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining towards the 50 level.
Key Support Levels – $0.2100, $0.2050 and $0.2000.
Key Resistance Levels – $0.2200 and $0.2250.
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