Ripple price is facing an uphill task near the %excerpt%.2050 resistance zone against the US dollar.The price must break the %excerpt%.2050 resistance zone and then %excerpt%.2125 to rise steadily.There is a key connecting bearish trend line forming with resistance near %excerpt%.2045 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).The pair could also start a major decline if it breaks the %excerpt%.1985 support zone.Ripple price is approaching the next key break against the US Dollar. XRP price could either rally sharply above the %excerpt%.2050 level or it might decline heavily below %excerpt%.1985.Ripple Price AnalysisThis past week, ripple price gained traction above the %excerpt%.2000 resistance zone against the US Dollar. The XRP/USD pair even broke the %excerpt%.2100 resistance zone and the 55 simple moving average
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Ripple, Trading, XRP
This could be interesting, too:
Emily John writes Ripple Unveils Institutional Roadmap Driving XRP Ledger Growth
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
Emily John writes XRP Eyes Breakout – Will the Final Wave Spark a Rally?
- Ripple price is facing an uphill task near the $0.2050 resistance zone against the US dollar.
- The price must break the $0.2050 resistance zone and then $0.2125 to rise steadily.
- There is a key connecting bearish trend line forming with resistance near $0.2045 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could also start a major decline if it breaks the $0.1985 support zone.
Ripple price is approaching the next key break against the US Dollar. XRP price could either rally sharply above the $0.2050 level or it might decline heavily below $0.1985.
Ripple Price Analysis
This past week, ripple price gained traction above the $0.2000 resistance zone against the US Dollar. The XRP/USD pair even broke the $0.2100 resistance zone and the 55 simple moving average (4-hours).
However, it struggled to continue higher above the $0.2140 and $0.2150 resistance levels. A swing high was formed at $0.2143 before there was a sharp decline. The price broke the $0.2050 support and the 55 simple moving average (4-hours).
During the decline, there was a break below the 50% Fib retracement level of the upward move from the $0.1890 low to $0.2143 high. A low is formed near the $0.1985 support and the price is currently rising.
It seems like the 61.8% Fib retracement level of the upward move from the $0.1890 low to $0.2143 high acted as a strong support. Ripple price is currently approaching a major hurdle near the $0.2050 level and the 55 simple moving average (4-hours).
There is also a key connecting bearish trend line forming with resistance near $0.2045 on the 4-hours chart of the XRP/USD pair. If there is an upside break above the $0.2050 resistance, the price could start a strong rise.
The next major resistance is near the $0.2125 level, above which the price could accelerate towards $0.2200. Conversely, there is a risk of more losses below the $0.2000 and $0.1980 support levels. In the mentioned case, the price could revisit $0.1800.
Ripple Price
Looking at the chart, ripple price is clearly trading near a major inflection point at $0.2050. Therefore, it could either start a strong rally above the $0.2050 level or it might decline heavily below $0.1985.
Technical indicators
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 just above the 50 level.
Key Support Levels – $0.2000, $0.1985 and $0.1900.
Key Resistance Levels – $0.2050 and $0.2125.