Ripple (XRP) Price Uptrend Intact For This Reason
Ripple price is trading above a couple of important supports near $0.2200 against the US dollar.
The price is facing a major hurdle near the $0.2280 and $0.2350 resistance levels.
Yesterday’s highlighted major ascending channel is intact with support near $0.2230 on the hourly chart of the XRP/USD pair (data source from Kraken).
The bulls are likely to remain in action unless the price breaks the $0.2200 support area.
Ripple price is showing a lot of positive signs against the US Dollar, and bitcoin is above $7,500. XRP price could continue to rise towards $0.2420 unless it breaks $0.2200.
Ripple Price Analysis
Recently, there was a nice upward move in ripple above the $0.2150 and $0.2180 resistances against the US Dollar. Moreover, XRP price even settled above the $0.2200 resistance and the 100 hourly simple moving average.
It opened the doors for more gains above $0.2250 and the price tested the $0.2300 resistance area. A swing high was formed near the $0.2298 level and the price is currently correcting lower.
The price is now trading below the $0.2250 level. Besides, it broke the 23.6% Fib retracement level of the recent rise from the $0.2128 low to $0.2298 high.
However, ripple price is trading above the $0.2220 and $0.2230 support levels. On the downside, there are many supports near the $0.2200-$0.2210 area and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted major ascending channel is intact with support near $0.2230 on the hourly chart of the XRP/USD pair. Additionally, the 50% Fib retracement level of the recent rise from the $0.2128 low to $0.2298 high is near the $0.2210 level.
Therefore, a downside break below the $0.2210 and $0.2200 supports could push the price back into a bearish zone. The next major support is near the $0.2130, followed by the $0.2100 area.
On the upside, an initial hurdle is near the $0.2300 area. If the bulls gain momentum above the $0.2280 and $0.2300 levels, the price could test the $0.2350 resistance. Any further gains above the $0.2350 level may perhaps lift the price towards the $0.2420 resistance area.
Looking at the chart, ripple price is holding a few key supports near the $0.2200 area. As long as there is no close below $0.2200, the price is likely to accelerate above the $0.2300 resistance. Having said that, it might struggle to clear the $0.2350 resistance.
Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 50 level.
Major Support Levels – $0.2210, $0.2200 and $0.2180.
Major Resistance Levels – $0.2280, $0.2300 and $0.2350.
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