Ripple began a draw back correction from the $0.2110 resistance area towards the US Dollar. XRP worth appears to be following a bullish flag sample and it may resume its rally above $0.2000 and $0.2100.
- Ripple worth is correcting decrease from the $0.2118 swing excessive towards the US greenback.
- The worth is buying and selling properly above the $0.1900 assist and the 100 easy transferring common (4-hours).
- There is a significant bullish flag forming with resistance close to $0.2050 on the 4-hours chart of the XRP/USD pair (information supply from Kraken).
- The pair is prone to begin a contemporary rally as soon as it clears the $0.2025 and $0.2050 resistance ranges.
Ripple Price Could Resume Its Rally
This previous week, we noticed a pointy improve in ripple above the $0.1900 resistance. XRP worth even surged above the $0.2000 degree and settled properly above the 100 easy transferring common (4-hours).
It traded to a brand new month-to-month excessive at $0.2118 earlier than beginning a draw back correction. There was a break under the $0.2050 degree, plus the 23.6% Fib retracement degree of the upward transfer from the $0.1741 swing low to $0.2118 excessive.
The worth even spiked under the $0.1950 degree, however the $0.1920 degree acted as a powerful assist. More importantly, the 50% Fib retracement degree of the upward transfer from the $0.1741 swing low to $0.2118 excessive is performing as a big purchase zone.
The bears made two makes an attempt to pierce the $0.1920 assist, however they failed. It looks as if there’s a main bullish flag forming with resistance close to $0.2050 on the 4-hours chart of the XRP/USD pair.
Ripple (XRP) testing $0.1950. Source: TradingView.com
On the upside, the worth is dealing with hurdles close to $0.2025 and $0.2050. A profitable shut above the bullish flag resistance could maybe restart the rally and the worth would possibly surge in the direction of $0.2100. The subsequent goal for the bulls may very well be $0.2200 within the coming classes.
Bearish Scenario for XRP
If ripple worth fails to surpass the $0.2025 and $0.2050 resistance ranges, there are possibilities of a draw back extension. The most important assist on the draw back is close to the $0.1920 degree.
A correct shut under the $0.1920 and $0.1900 assist ranges may spark a pointy decline in the direction of the $0.1750 degree. An intermediate assist may very well be $0.1880 or the 100 easy transferring common (4-hours).
4-Hours MACD – The MACD for XRP/USD is slowly transferring again into the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is presently slightly below the 50 degree.
Major Support Levels – $0.1950, $0.1920 and $0.1900.
Major Resistance Levels – $0.2025, $0.2050 and $0.2110.
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