Ripple price is showing a few bullish signs above $0.1680 against the US Dollar. XRP price is likely to continue higher towards $0.2000 or $0.2050 as long as it is above $0.1680.
Ripple Price Analysis
This past week, there was a decent upward move in ripple price above the $0.1680 resistance level against the US Dollar. XRP/USD even traded above the $0.1800 resistance level and the 55 simple moving average (4-hours).
However, the price failed to gain strength above the $0.1875 zone. There were two attempts by the bulls in the past few days to clear the $0.1875 resistance, but they failed.
The recent swing high was formed near $0.1873 before the price corrected lower. There was a break below the $0.1820 and $0.1800 levels. Ripple price also declined below the 50% Fib retracement level of the upward move from the $0.1680 low to $0.1873 high.
The decline was well protected by the $0.1750 and $0.1740 support levels. The 55 simple moving average (4-hours) also acted as a strong support above $0.1750.
There is also a crucial bullish trend line forming with support near $0.1772 on the 4-hours chart of the XRP/USD pair. The pair is currently well bid above the 61.8% Fib retracement level of the upward move from the $0.1680 low to $0.1873 high.
If there is a downside break below the trend line and $0.1770, there are chances of more losses towards the $0.1680 swing low. Any further losses may perhaps lead ripple price back towards the $0.1550 support area.
On the upside, the price is facing a major hurdle near the $0.1875 level. A clear break above the $0.1875 zone could set the pace for a push towards the $0.2000 and $0.2050 levels in the near term.
Looking at the chart, ripple price is showing a few bullish signs above the $0.1720 level. Therefore, the bulls are likely to aim a strong bullish break above the $0.1875 and $0.1900 levels.
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 65 level.
Key Support Levels – $0.1770, $0.1720 and $0.1680.
Key Resistance Levels – $0.1875 and $0.2000.
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