Ripple (XRP) Holding Uptrend Support: Here’s Why It Could Follow Bitcoin’s Rally
Ripple traded to a new monthly high at $0.2252 against the US Dollar. XRP price is currently holding the $0.2145 support zone and it could rally above $0.2200.
- Ripple remained in a positive zone above the $0.2000 and $0.2100 levels against the US dollar.
- The price traded to a new monthly high at $0.2252 and settled well above the 100 hourly SMA.
- There is a key contracting triangle forming with resistance near $0.2195 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to start a fresh rally above $0.2200 as long as it is above $0.2100.
Ripple Price Could Rise Again
There was a sharp increase in ripple after it broke the $0.2020 resistance area. XRP price even traded above the $0.2120 resistance and settled well above the 100 hourly simple moving average.
It traded to a new monthly high at $0.2252 and recently started a downside correction. There was a break below the $0.2200 and $0.2160 support levels. The price tested the $0.2145 and $0.2135 support levels.
A swing low is formed near $0.2135 and the price is currently trading nicely in a positive zone. It already tested the 50% Fib retracement level of the recent decline from the $0.2252 swing high to $0.2135 swing low.
Ripple price above $0.2150. Source: TradingView.com
However, the price is facing hurdles near the $0.2195 and $0.2200 levels. There is also a key contracting triangle forming with resistance near $0.2195 on the hourly chart of the XRP/USD pair. Above the triangle resistance, the next resistance could be $0.2210.
The 61.8% Fib retracement level of the recent decline from the $0.2252 swing high to $0.2135 swing low might also prevent upsides near $0.2208. If the bulls gain strength above $0.2200 and $0.2210 resistance levels, the price is likely to retest $0.2250. Any further gains could lead the price above the $0.2300 level in the near term.
Dips Likely Supported in XRP
On the downside, the triangle support is near the $0.2168 level. If there is a downside break below the triangle support, ripple could revisit the $0.2135 support level.
The next major support is near the $0.2100 level (the last breakout zone), below which the price might continue to move down towards the $0.2020 support.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level.
Major Support Levels – $0.2165, $0.2135 and $0.2100.
Major Resistance Levels – $0.2200, $0.2210 and $0.2250.
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Aayush Jindal, Khareem Sudlow