- Ripple price is holding an important support at $0.1950 against the US Dollar.
- There is a bearish trend line forming with resistance at $0.2050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might break the $0.2050 resistance to trade towards the $0.2150 level in the near term.
Ripple price is trading in a range against the US Dollar and Bitcoin. XRP/USD needs to break the $0.2050 resistance to gain upside momentum.
Ripple Price Resistance
There was not much action during the past few hours in Ripple price, but it held the $0.1950 support against the US Dollar. Recently, the price started a downside move from the $0.2165 swing high and corrected below the 38.2% Fib retracement level of the last leg up from the $0.1850 low to $0.2165 high. However, the downside move was protected by the $0.1950-60 support zone and the 100 hourly simple moving average.
Moreover, the 50% Fib retracement level of the last leg up from the $0.1850 low to $0.2165 high is currently acting as a strong support. As long as the price is above $0.1950-0.1960 and the 100 hourly SMA, it remains supported. On the upside, there is a bearish trend line forming with resistance at $0.2050 on the hourly chart of the XRP/USD pair. A break above the $0.2050 resistance would open the doors for more gains above the $0.2100 level. The next stop could be the last swing high near $0.2165-68.
The current bias seems to be neutral above $0.1950. We need to wait for an upside break towards $0.2150 for the next major move in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Level – $0.1960-50
Major Resistance Level – $0.2050
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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