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Ripple (XRP) Holding Uptrend Support: Here’s Why It Could Follow Bitcoin’s Rally

Ripple (XRP) Holding Uptrend Support: Here’s Why It Could Follow Bitcoin’s Rally

Ripple traded to a brand new month-to-month excessive at $0.2252 towards the US Dollar. XRP worth is at present holding the $0.2145 help zone and it might rally above $0.2200.

  • Ripple remained in a constructive zone above the $0.2000 and $0.2100 ranges towards the US greenback.
  • The worth traded to a brand new month-to-month excessive at $0.2252 and settled properly above the 100 hourly SMA.
  • There is a key contracting triangle forming with resistance close to $0.2195 on the hourly chart of the XRP/USD pair (information supply from Kraken).
  • The pair is more likely to begin a contemporary rally above $0.2200 so long as it’s above $0.2100.

Ripple Price Could Rise Again

There was a pointy enhance in ripple after it broke the $0.2020 resistance space. XRP worth even traded above the $0.2120 resistance and settled properly above the 100 hourly easy transferring common.

It traded to a brand new month-to-month excessive at $0.2252 and lately began a draw back correction. There was a break beneath the $0.2200 and $0.2160 help ranges. The worth examined the $0.2145 and $0.2135 help ranges.

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A swing low is shaped close to $0.2135 and the worth is at present buying and selling properly in a constructive zone. It already examined the 50% Fib retracement stage of the current decline from the $0.2252 swing excessive to $0.2135 swing low.

Ripple worth above $0.2150. Source: TradingView.com

However, the worth is going through hurdles close to the $0.2195 and $0.2200 ranges. There can be a key contracting triangle forming with resistance close to $0.2195 on the hourly chart of the XRP/USD pair. Above the triangle resistance, the subsequent resistance may very well be $0.2210.

The 61.8% Fib retracement stage of the current decline from the $0.2252 swing excessive to $0.2135 swing low may also forestall upsides close to $0.2208. If the bulls achieve energy above $0.2200 and $0.2210 resistance ranges, the worth is more likely to retest $0.2250. Any additional beneficial properties may lead the worth above the $0.2300 stage within the close to time period.

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Dips Likely Supported in XRP

On the draw back, the triangle help is close to the $0.2168 stage. If there’s a draw back break beneath the triangle help, ripple might revisit the $0.2135 help stage.

The subsequent main help is close to the $0.2100 stage (the final breakout zone), beneath which the worth would possibly proceed to maneuver down in the direction of the $0.2020 help.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly transferring within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is simply above the 50 stage.

Major Support Levels – $0.2165, $0.2135 and $0.2100.

Major Resistance Levels – $0.2200, $0.2210 and $0.2250.

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EditorialTeam

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