Ripple (XRP) Defies Gravity But Here Is Why It Could Correct In Short-Term
Ripple started an upward move above the $0.1850 resistance area against the US Dollar. However, XRP price is struggling to gain momentum above the $0.1900 and $0.1920 resistance levels.
Ripple price is showing positive signs above the $0.1850 pivot level against the US dollar.
The bulls are still struggling to gain strength above the $0.1900 and $0.1920 levels.
There is a connecting bullish trend line forming with support near $0.1850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to continue higher towards $0.1950 as long as it is above $0.1850.
Ripple Price Remains Supported on Dips
After correcting lower, ripple found support near the $0.1800 level. XRP price formed a support base above the $0.1820 level and recently started a decent upward move, following bitcoin and Ethereum.
The upward move was such that the price climbed nicely above the $0.1850 resistance and the 100 hourly simple moving average. It opened the doors for more gains above the $0.1880 resistance level.
Ripple even broke the 61.8% Fib retracement level of the key decline from the $0.1951 high to $0.1785 low. It is now trading above a major bearish trend line at $0.1880 on the hourly chart of the XRP/USD pair.
On the upside, the bulls are struggling to clear the $0.1910-$0.1920 resistance area. The 76.4% Fib retracement level of the key decline from the $0.1951 high to $0.1785 low is also stopping gains. The price currently correcting lower below $0.1900 and testing the 100 hourly SMA.
On the downside, there is a strong support forming near the $0.1850 level. There is also a connecting bullish trend line forming with support near $0.1850 on the same chart.
If XRP fails to stay above the $0.1850 support area, it could move back into a negative zone. Any further losses might call for a test of the $0.1800 level
Upside Continuation Scenario
Ripple is likely to remain well bid above the $0.1850 support and the trend line. On the upside, the bulls need to gain momentum above the $0.1900 and $0.1920 level.
If they succeed, there are high chances of more upsides towards the $0.1950 level. The main resistance on the upside is near the $0.2000 level.
Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.
Major Support Levels – $0.1880, $0.1850 and $0.1800.
Major Resistance Levels – $0.1910, $0.1920 and $0.1950.
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