Ripple price is stuck in a contracting range below $0.2000 against the US Dollar. XRP price must stay above $0.1900 for a positive bullish break above the $0.2020 resistance.
Ripple Price Analysis
This past week, ripple price extended its decline below the $0.1920 support against the US Dollar. The XRP/USD pair even broke the $0.1900 support and the 55 simple moving average (4-hours).
A low is formed near the $0.1882 before the price recovered. It surpassed the $0.1900 and $0.1920 resistance levels. The bulls gained pace above $0.2000, but they struggled to clear the $0.2020 barrier.
A high is formed near $0.2023 and the price is currently correcting lower. It traded below the $0.2000 level, plus the 23.6% Fib retracement level of the upward move from the $0.1882 low to $0.2023 high. It seems like there is a crucial breakout pattern forming with resistance near $0.2005 on the 4-hours chart of the XRP/USD pair.
On the downside, the first key support is near the $0.1950 level. It is close to the 50% Fib retracement level of the upward move from the $0.1882 low to $0.2023 high.
The main support is near the triangle lower trend line and the $0.1920 level. If ripple’s price fails to stay above the $0.1920 and $0.1900 support levels, there are chances of a sustained downward move in the coming sessions.
Conversely, the price might clear the $0.2000 and $0.2020 resistance levels. A successful close above the $0.2020 level is likely to put the bulls in control. The next major resistance is near the $0.2120 level, above which the price might rise towards the $0.2200 level in the coming days.
Looking at the chart, ripple price is likely preparing for the next major break above $0.2000. It seems the pair is showing signs of an upside break as long as it is above the $0.1920 level.
4 hours MACD – The MACD for XRP/USD is likely to gain traction in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level.
Key Support Levels – $0.1950, $0.1920 and $0.1900.
Key Resistance Levels – $0.2000 and $0.2020.
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