Ripple (XRP) Price Defies Gravity, Looks To Trade Higher

• Ripple price is trading nicely above the $0.2200 and $0.2180 support levels against the US dollar.
• The price is likely to accelerate gains if it breaks the $0.2300 resistance area.
• There is a new connecting bullish trend line forming with support near $0.2190 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The main hurdles on the upside for the bulls are near $0.2300 and $0.2350.

Ripple is gaining bullish momentum above $0.2200 against the US Dollar, similar to bitcoin above $7,000. XRP price is likely to accelerate gains above $0.2300 and $0.2320.

Ripple Price Analysis

After forming a support base above $0.2000, ripple started a decent upward move against the US Dollar. XRP price broke a couple of key resistances near the $0.2100 and $0.2150 levels.

Finally, it managed to climb above the $0.2180 resistance and the 100 hourly simple moving average. Therefore, it opened the doors for more upsides above the $0.2200 resistance. The recent recovery was such that the price even climbed above the $0.2250 resistance.

The price traded as high as $0.2301 and it is currently correcting gains. Additionally, it traded below the 23.6% Fib retracement level of the upward wave from the $0.2127 low to $0.2301 high.

On the downside, there are many supports near the $0.2200 level and the 100 hourly simple moving average. Moreover, there is a new connecting bullish trend line forming with support near $0.2190 on the hourly chart of the XRP/USD pair.

The 50% Fib retracement level of the upward wave from the $0.2127 low to $0.2301 high is also near the 100 hourly SMA to provide support. If there is a downside break below the trend line, ripple may possibly retest the $0.2140 and $0.2130 support levels.

Any further losses could push the price back into a bearish zone below the $0.2100 support. The next major support is near the recent monthly low of $0.2000.

On the upside, an initial resistance is near the $0.2300 level. A successful break above the $0.2300 hurdle is likely to lead the price towards the $0.2350 resistance. The final target for the current recovery could be near the $0.2380 level.

Ripple Price

Looking at the chart, ripple price is trading above a couple of key supports near $0.2200 and $0.2180. As long as there is no close below $0.2180, the price is likely to climb above $0.2300 and $0.2350 in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level, with positive signs.

Major Support Levels – $0.2200, $0.2180 and $0.2140.

Major Resistance Levels – $0.2300, $0.2350 and $0.2380.

The post Ripple (XRP) Price Defies Gravity, Looks To Trade Higher appeared first on NewsBTC.

by Aayush Jindal on November 28, 2019 at 09:58AM