2019-12-6 07:28 |
Ripple price is trading nicely above the $0.2180 pivot area against the US dollar. The price is likely to slowly rise towards the $0.2265 and $0.2300 resistance levels. There is a major bullish trend line forming with support near $0.2180 on the hourly chart of the XRP/USD pair (data source from Kraken). Ethereum is also rising, but it is struggling to clear the $150 and $152 resistance levels.
Ripple price is back in a positive zone against the US Dollar and bitcoin. XRP price must climb above $0.2265 to continue higher in the near term.
Ripple Price AnalysisEarlier this week, there was a sharp decline in ripple from the $0.2265 resistance area against the US Dollar. However, the price remained well bid above the $0.2100 support and recently started a fresh increase.
The last swing low was near $0.2115 before the price climbed above the $0.2150 resistance. Moreover, there was a break above the $0.2180 resistance and the 100 hourly simple moving average.
The recent rise was such that the price once again tested the $0.2265 resistance area. A swing high was formed near $0.2264 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent wave from the $0.2115 low to $0.2264 high.
On the downside, there are many supports, starting with $0.2200 and the previous bearish trend line. Additionally, the 100 hourly simple moving average is positioned near the $0.2180 level.
More importantly, there is a major bullish trend line forming with support near $0.2180 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $0.2115 low to $0.2264 high.
If there is a downside break below the trend line, ripple price could test the $0.2150 support area. Any further downsides may perhaps lead the price towards the $0.2100 support area.
On the upside, an immediate resistance is near the $0.2250 level. Besides, the main resistance is near the $0.2265 level, above which the price is likely to climb towards the $0.2300 and $0.2320 resistance levels.
Looking at the chart, ripple price is showing a few positive signs above the $0.2180 support level. Therefore, there are chances of another attempt to surpass the $0.2265 resistance. If the price fails again, it could dive back towards the $0.2100 support area.
Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently reducing its bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower and it could test the 50 level.
Major Support Levels – $0.2180, $0.2150 and $0.2100.
Major Resistance Levels – $0.2250, $0.2265 and $0.2300.
The post Ripple (XRP) Price Primed For Further Upsides appeared first on NewsBTC.
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