Ripple Price Analysis: XRP/USD Approaching Significant Resistance
Ripple price is currently correcting from the monthly low of $0.2003. XRP to USD is now trading above $0.2150 and it is facing a lot of strong hurdles near $0.2250 and $0.2350.
Key Takeaways: XRP/USD
- Ripple price is trading with a short term bullish bias above the $0.2150 level against the US Dollar.
- XRP/USD climbed above the $0.2200 resistance and a bearish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also rising and it is likely to test the $7,380 resistance area.
Ripple Price Analysis
In the past few sessions, ripple price started an upside correction from the $0.2003 monthly low. XRP to USD broke a couple of key resistances near the $0.2130 levels to start an upward move.
Looking at the 2-hours chart, ripple price even settled above the $0.2170 resistance level. Besides, there was a break above the 50% Fib retracement level of the last decline from $0.2351 to $0.2003.
Finally, the price climbed above the $0.2200 resistance and a bearish trend line on the 2-hours chart. It is now trading near the $0.2220 resistance area and the 50 simple moving average (2-hours, purple).
Moreover, the 61.8% Fib retracement level of the last decline from $0.2351 to $0.2003 is also acting as a resistance. The main resistance is near the $0.2250 level, above which the price is likely to rise further.
The next major resistance is near the $0.2350 level. It represents the 1.236 Fib extension level of the last decline from $0.2351 to $0.2003. Any further gains could start a nice upward move towards the $0.2440 resistance area.
Conversely, ripple price could fail to break the $0.2220 and $0.2250 resistance levels. In the mentioned case, it may perhaps decline and test the $0.2130 support area.
If there is a downside break below the $0.2130 support, there is a risk of a fresh bearish wave below $0.2100. The main supports are near $0.2050 and $0.2000. If ripple price fails to stay above the $0.2000 support, it could move in the medium term downtrend.