Ripple (XRP) Bullish Breakout Seems Real: Indicators Suggest Sustained Rally

The ripple has risen by over 2%, breaking the main resistance zone of $ 0.2000 against the US dollar. The XRP price is in a positive zone and could continue to move towards $ 0.2120 or $ 0.2150.

  • The ripple price has cleared some important hurdles near the $ 0.2000 level against the US dollar.
  • The price rose towards $ 0.2050 and is currently correcting profits.
  • There was a pause above the bullish flag this week on the 4-hour chart of the XRP / USD pair (Kraken data source) with resistance close to $ 0.1990.
  • The pair could correct in the short term, but it is likely to continue its upward trend towards $ 0.2120.

Ripple Price breaks the key resistance

In the last couple of analyzes, we followed a bullish flag pattern for Ripple's XRP with hurdles close to $ 0.2000. The price remained in a positive zone above the support level of $ 0.1920 and the simple moving average of 100 (4 hours).

As a result, the price broke up and triggered strong resistance near $ 0.2000. There was also a break above the following bullish flag this week, with resistance close to $ 0.1990 on the 4-hour chart of the XRP / USD pair.

The pair rose to the $ 0.2050 level and hit a new weekly high of $ 0.2055. The price is currently correcting lower and trading below $ 0.2040. Initial support is close to the $ 0.2025 level plus the fib retracement level of 23.6% of the recent uptrend from the low of $ 0.1916 to the high of $ 0.2055.

Ripple (XRP)

Ripple (XRP) price settles above $0.2000. Source: TradingView.com

On the other hand, the main support is close to the $ 0.2000 level and the recent breakout zone. The 50% fib retracement level of the recent upward move from the low of $ 0.1916 to the high of $ 0.2055 is also close to the $ 0.1985 level.

The price clearly shows many positive signs and could continue to rise above the $ 0.2050 level. The next big resistance is near the $ 0.2120 level above which the bulls are likely to seek a $ 0.2150 test.

Disadvantages that are likely to be limited in XRP

In the short term, the ripple could be corrected below $ 0.2020. However, the bulls are likely to defend the support levels of $ 0.2000 and $ 0.1985.

If there is a bearish break below the $ 0.1985 support, there is a risk of a trend line. The last line of defense could be 100 simple 4-hour moving averages and $ 0.1965, below which the price could be $ 0.1900 again.

Technical indicators

4 hour MACD – The MACD for XRP / USD is slowly gaining strength in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 55 level.

Major support levels – $ 0.2020, $ 0.2000 and $ 0.1985.

Major resistance levels – $ 0.2050, $ 0.2120 and $ 0.2150.

Use the trading opportunities with Plus500

Disclaimer: 76.4% of retail CFD accounts lose money.



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*