Ripple price is showing positive signs above $0.2200 against the US Dollar. XRP price remains is an uptrend and the bulls seem to be eyeing a test of $0.2500.
Ripple Price Analysis
After topping near the $0.2550 area, ripple price started a downside correction against the US Dollar. XRP/USD broke many support near $0.2300 and even declined below $0.2200.
There was a close below the $0.2300 level and the 55 simple moving average (4-hours). However, the price found a strong support near the $0.2140 area. A low is formed near $0.2134 and the price is currently rising.
It surpassed a few key hurdles near $0.2200 to move back into a positive zone. Besides, ripple price climbed above the 23.6% Fib retracement level of the recent decline from the $0.2537 high to $0.2134 low.
More importantly, there was a break above a major bearish trend line with resistance near $0.2230 on the 4-hours chart of the XRP/USD pair. The pair is now testing the $0.2300 resistance area and the 55 simple moving average (4-hours).
An immediate resistance is near the $0.2330 level. It is near the 50% Fib retracement level of the recent decline from the $0.2537 high to $0.2134 low.
A successful break above the 50 SMA and the $0.2330 resistance area might set the pace for more gains in the coming sessions. The next major resistance is near the $0.2440 level.
Any further gains could lead the price toward the $0.2500 resistance area. Conversely, the price may perhaps retreat from the $0.2300 and $0.2330 resistance levels.
An initial support is near the $0.2200 level. The main support is near the $0.2140 level, below which there are chances of a strong decline in the coming sessions.
Looking at the chart, ripple price is clearly showing positive signs above $0.2240. It seems like it could easily climb further towards $0.2440 and $0.2500 unless the bears push it back below $0.2200.
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 now back above the 50 level.
Key Support Levels – $0.2240, $0.2200 and $0.2140.
Key Resistance Levels – $0.2330 and $0.2500.
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