Ripple corrected lower sharply from $0.2450, but it found support near $0.2200 against the US Dollar, similar to bitcoin near $8,500. XRP price is recovering, but it must surpass $0.2360 for a fresh rally. Ripple price is showing positive signs above the $0.2250 and $0.2280 support levels against the US dollar. The price is facing hurdles near the $0.2350 and $0.2360 levels. There is a new contracting triangle forming with resistance near $0.2360 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair must climb above $0.2360 to start a fresh rally towards $0.2450 or $0.2500. Ripple Price Approaching Resistance Recently, we saw a downside correction in ripple from the $0.2450 resistance area against the US Dollar. XRP price broke the $0.2350 and $0.2320 support levels and even spiked below $0.2300. However, the bulls were able to protect the $0.2220 support level and the 100 hourly simple moving average. A low is formed near $0.2220 and the price recently started a decent upward move. It broke the 23.6% Fib retracement level of the recent decline from the $0.2423 high to $0.2220 low. On the upside, there are a couple of key resistances near the $0.2350 and $0.2360 levels. Besides, the 50% Fib retracement level of the recent decline from the $0.2423 high to $0.2220 low is near $0.2322. More importantly, there is a new contracting triangle forming with resistance near $0.2360 on the hourly chart of the XRP/USD pair. Ripple Price Therefore, ripple price must surpass the $0.2350 and $0.2360 resistance levels to start a fresh rally. If there is a successful close above $0.2360, the bulls are likely to aim a test of the $0.2450 resistance. Any further gains could lead the price towards the $0.2480 and $0.2500 resistance levels in the coming sessions. What If XRP Fails to Break Higher? If XRP price fails to climb above the $0.2350 and $0.2360 resistance levels, it could resume its slide. An initial support is near the triangle lower trend line at $0.2280. The first key support is near the $0.2250 level and the 100 hourly SMA. The main support for ripple is near the $0.2220 level, below which there is a risk of a sharp decline below $0.2200 in the near term. The next major support is at $0.2080. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now rising towards the 60 level. Major Support Levels – $0.2350, $0.2360 and $0.2400. Major Resistance Levels – $0.2280, $0.2250 and $0.2220. The post appeared first on NewsBTC.

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