Ripple’s (XRP) Resilience Above $0.19 Could Drive The Crypto Market Higher
Ripple is resilient above the main $0.1920 support zone against the US Dollar. As long as XRP price is above $0.1900, it could drive the crypto market higher in the coming days.
- Ripple price is consolidating in a range above the $0.1920 and $0.1900 support levels against the US dollar.
- The price is stuck below the $0.2000 resistance and above the 100 simple moving average (4-hours).
- There is an important bullish flag forming with resistance near $0.2025 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to start a fresh upward move as long as it is above the $0.1900 support.
Ripple Price Holding Uptrend Support
After a strong increase above $0.2000, ripple’s XRP failed to clear the $0.2120 resistance. It topped near the $0.2118 level and started a downside correction.
There was a break below the $0.2050 support level, but the price remained well above the 100 simple moving average (4-hours). The price even traded below the 23.6% Fib retracement level of the upward wave from the $0.1740 low to $0.2118 high.
However, the price is holding the main uptrend support at $0.1920. The 50% Fib retracement level of the upward wave from the $0.1740 low to $0.2118 high is also acting as a strong support.
Ripple (XRP) price trades below $0.2000. Source: TradingView.com
It seems like there is an important bullish flag forming with resistance near $0.2025 on the 4-hours chart of the XRP/USD pair. On the upside, the price is facing hurdles near $0.2000, $0.2020 and $0.2025.
A successful close and a follow through above the channel resistance is needed for a fresh increase towards the $0.2100 level. If the bulls succeed, it could even drive bitcoin and ether higher in the coming sessions.
Downside Break in XRP
If XRP struggles to gain strength above $0.2000 and fails to clear the channel resistance, it could continue to move down.
The first major support is near the $0.1920 level. The crucial uptrend support is near the $0.1900 level and the 100 simple moving average (4-hours), below which the price might move into a bearish zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is slowly gaining strength in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently sliding towards the 35 level.
Major Support Levels – $0.1920, $0.1900 and $0.1880.
Major Resistance Levels – $0.2000, $0.2025 and $0.2120.
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OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, Khareem Sudlow
