Ripple is up more than 5% and it settled nicely above the $0.2000 pivot level against the US Dollar. XRP price is currently rising and it could continue to rise towards $0.2120.
- Ripple is slowly gaining bullish momentum above the $0.2000 resistance against the US dollar.
- The price is trading in a positive zone above $0.2020 and the 100 hourly SMA.
- There is a rising channel forming with resistance near $0.2065 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another rally if there is a successful close above the $0.2065 resistance.
Ripple Price Could Extend Rally Above $0.2100
After consolidating above the $0.1820 support for a few sessions, ripple started a strong rally. XRP price broke many resistances near $0.1920 and $0.1950 to move into a positive zone.
There was also a close above the main $0.2000 resistance. The price traded to a new monthly high at $0.2064 and it is currently trading well above the 100 hourly simple moving average. Recently, there was a downside correction, but the bulls protected the $0.2000 support area.
The recent swing low was near $0.1978 and high at $0.2064. An initial support is near the $0.2020 level. It is close to the 50% Fib retracement level of the upward move from the $0.1978 swing low to $0.2064 high.
XRP price settles above $0.2000. Source: TradingView.com
It seems like there is a rising channel forming with resistance near $0.2065 on the hourly chart of the XRP/USD pair. If there is an upside break above the $0.2065 resistance zone, the price could continue to rise. The next key resistance is near $0.2100, followed by the $0.2120 barrier.
Any further gains above $0.2120 could open the doors for a larger upward move above the $0.2150 and $0.2185 levels in the coming sessions.
Dips Supported in XRP
If ripple price starts a downside correction below $0.2020, it could find support near the $0.2000 level and the channel lower trend line.
A successful daily close below the $0.2000 support level might clear the path for a large degree correction. The next major support is near the $0.1890 level and the 100 hourly SMA.
Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is above the 60 level.
Major Support Levels – $0.2020, $0.2000 and $0.1980.
Major Resistance Levels – $0.2065, $0.2120 and $0.2150.
Risk disclaimer: 76.4% of retail CFD accounts lose money.