Ripple Price Analysis: Resistance Turned Support at $0.21
- Ripple price rallied recently after a successful close above $0.2000 against the US dollar.
- The price tested the $0.2250 resistance zone and recently corrected lower.
- There is a crucial bullish trend line forming with support near $0.2140 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to resume its upward move as long as it is above $0.2140 and $0.2120.
Ripple price is trading in a nice uptrend above $0.2000 and $0.2120 against the US Dollar. XRP price must stay above $0.2120 for more gains in the near term.
Ripple Price Analysis
In the past few days, there was a bullish trend formation for ripple price above $0.1920 against the US Dollar. The XRP/USD pair surged above the $0.2000 resistance zone and settled well above the 55 simple moving average (4-hours).
As a result, the bulls gained momentum and were able to push the price above the $0.2120 resistance. The price tested the $0.2250 resistance and a new monthly high is formed near $0.2253. Recently, there was a downside correction below the $0.2200 level.
The price broke the 23.6% Fib retracement level of the upward move from the $0.2027 low to $0.2253 high. It found support near the $0.2150 and $0.2140 levels. There is also a crucial bullish trend line forming with support near $0.2140 on the 4-hours chart of the XRP/USD pair.
The 50% Fib retracement level of the upward move from the $0.2027 low to $0.2253 high is also acting as a strong support for the bulls. If there is a downside break below the trend line support, the price might test the $0.2120 support level.
The next major support is near the $0.2100 level (the recent breakout zone), which is likely to act as a strong buy zone. Any further gains could lead the price towards $0.2000.
Conversely, the price might continue to rise above the $0.2200 level. The next major resistance is near the $0.2250 level, above which the price might test the $0.2320 resistance.
Looking at the chart, ripple price is clearly trading near a couple of important support at $0.2140. It seems the pair is likely to resume its upward move as long as it is above $0.2140 and $0.2120.
4 hours MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Key Support Levels – $0.2150, $0.2120 and $0.2100.
Key Resistance Levels – $0.2200 and $0.2250.
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