Ripple price rallied this week more than 10% to trade above $0.2200. XRP to USD corrected lower, but it is now resuming its upward move above the $0.2150 resistance.
Key Takeaways: XRP/USD
- Ripple price is trading in a bullish zone above the $0.2100 pivot level against the US Dollar.
- XRP/USD is following a crucial bullish trend line with support near $0.2070 on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price jumped recently and traded above the $8,400 resistance area.
Ripple Price Analysis
After forming a support base near $0.1900, ripple price started a strong rise above $0.2050. XRP to USD broke many hurdles near $0.2070 and $0.2100 to enter into a positive zone.
Looking at the 2-hours chart, ripple price even settled above the $0.2100 support level and the 50 simple moving average (2-hours, purple). Finally, there was a break above the $0.2220 resistance area and the price traded to a new 2020 high at $0.2254.
Recently, there was a sharp downside correction from the $0.2250 resistance area. Ripple price declined below the $0.2200 and $0.2150 support levels.
It even spiked below the $0.2100 level, but the $0.2070 area acted as a decent support. A low is formed near $0.2069 and the price is currently rising again. It tested the 50% Fib retracement level of the recent slide from $0.2254 to $0.2069.
A clear break above the $0.2180 resistance area is needed for more gains in the coming sessions. The $0.2180 level represents the 61.8% Fib retracement level of the recent slide from $0.2254 to $0.2069.
The next major hurdle above the $0.2180 level is at $0.2220, above which the bulls are likely to aim the $0.2250 resistance area.
Conversely, the price might struggle to break the $0.2180 resistance. On the downside, there are many supports near the $0.2100 area. Moreover, ripple is following a crucial bullish trend line with support near $0.2070 on the 2-hours chart.
Overall, ripple price is trading with a positive bias above $0.2100 and $0.2070. Therefore, there are chances of more gains above $0.2180 and $0.2220.