Ripple Price Is Likely To Accelerate Gains In The Near Term And It Could Test $0.2000
Recently, we saw a sharp rise in bitcoin and Ethereum above $6,800 and $145 respectively. Ripple also rallied above the $0.1800 resistance area and settled nicely above the 100 hourly simple moving average.
However, the upward move was limited and the XRP price failed to test the $0.1880 resistance area. A new weekly high is formed near $0.1866 and the price is currently correcting lower.
There was a break below the $0.1800 level. Besides, ripple spiked below the 50% Fib retracement level of the recent rally from the $0.1680 low to $0.1866 high. The price tested the $0.1750 support area (the previous resistance), where the bulls emerged.
The bulls also protected the 61.8% Fib retracement level of the recent rally from the $0.1680 low to $0.1866 high. There is also a major bullish trend line forming with support near $0.1770 on the hourly chart of the XRP/USD pair.
The pair is currently rising and trading nicely above the $0.1750 level and it could continue to rise. The first resistance is near the $0.1800 level, above which the bulls are likely to gain momentum.
The next key resistance is near the $0.1880. If there is a clear break above $0.1880, there are high chances of a sharp move towards the $0.2000 resistance.
If ripple fails continue above the $0.1800 resistance area, it could correct lower. An initial support on the downside is near the $0.1750 level and the trend line.
If there are more downside, the price is likely to test the $0.1720 support level and the 100 hourly simple moving average. Any further losses may perhaps lead the price back towards the $0.1620 support.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Levels – $0.1750, $0.1720 and $0.1620.
Major Resistance Levels – $0.1800, $0.1880 and $0.2000.
Ripple Price Is Likely To Accelerate Gains In The Near Term And It Could Test $0.2000 – Source: Newsbtc.com