- Ripple price is currently trading in an uptrend above the $0.1900 pivot area against the US dollar.
- The price is likely to surge above the $0.2025 and $0.2050 resistance levels in the near term.
- There is a key bullish trend line forming with support near $0.1945 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start a downside correction if it fails near $0.2025 or $0.2050.
Ripple price is moving higher and trading above $0.1950 against the US Dollar. XRP price must gain momentum above $0.2000 for a successful break above the $0.2050 resistance.
Ripple Price Analysis
This past week, ripple price started a fresh increase from the $0.1800 support area against the US Dollar. The XRP/USD pair broke the $0.1850 and $0.1880 resistance levels to start a bullish zone.
There was also a close above the $0.1900 level the 55 simple moving average (4-hours). It opened the doors for more gains above $0.1950 and the price traded as high as $0.1998.
Recently, there was a downside correction below the $0.1950 level. Ripple corrected below the 23.6% Fib retracement level of the upward move from the $0.1788 low to $0.1998 high.
However, the price remained well bid above the $0.1920 level. There is also a key bullish trend line forming with support near $0.1945 on the 4-hours chart of the XRP/USD pair. Below the trend line, the next key support is near the $0.1900 level.
The 55 simple moving average (4-hours) is also near $0.1900. The next support is near $0.1890 or the 50% Fib retracement level of the upward move from the $0.1788 low to $0.1998 high.
Any further losses could lead the price back towards the $0.1850 support. On the upside, an initial resistance is near the $0.2000 level. The first major resistance is near the $0.2025 level.
The main hurdle for the bulls is near the $0.2050 level. A successful close above the $0.2025 and $0.2050 resistance levels could open the doors for a larger rally towards the $0.2150 and $0.2200 resistance levels.
Looking at the chart, ripple price is clearly trading in a positive zone above the $0.1920 and $0.1900 levels. Having said that, the bulls need to push the price with a strong momentum above the $0.2000 and $0.2050 resistance levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 55 level.
Key Support Levels – $0.1945, $0.1920 and $0.1890.
Key Resistance Levels – $0.2025 and $0.2050.
