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Ripple (XRP) Could Escape Downtrend if it Closes Above One Key Level

Ripple (XRP) Could Escape Downtrend if it Closes Above One Key Level

Ripple (XRP)

Ripple is still facing many hurdles near $0.1980 and $0.2000 against the US Dollar. XRP price must settle above the $0.2000 resistance zone to avoid more losses in the near term.

Ripple Price Facing Uphill Task

Ripple price started a steady recovery wave from the $0.1820 support zone. XRP climbed above the $0.1900 and $0.1920 resistance levels. The price even broke the $0.1950 resistance and the 100 hourly simple moving average.

Finally, it climbed towards the $0.2000 resistance, but failed to continue higher. A high was formed near $0.1986 before the price started a fresh decline.

There was a break below the $0.1920 level, but the $0.1900 zone provided support. A low is formed near $0.1885 and the price is slowly rising. It surpassed the 23.6% Fib retracement level of the recent decline from the $0.1986 high to $0.1885 low.

It seems like there is a key bullish trend line forming with support near $0.1900 on the hourly chart of the XRP/USD pair. On the upside, the $0.1935 level is currently acting as a resistance. It is close to the 50% Fib retracement level of the recent decline from the $0.1986 high to $0.1885 low.

Ripple Price
Ripple Price Holds $0.1900: Source: TradingView.com

The first major resistance is near the $0.1980 level. The main hurdle for a larger upward move is near the $0.2000 level. A successful daily close above the $0.2000 level could open the doors for a steady rise towards the $0.2100 and $0.2120 levels.

Fresh Decline in XRP?

On the downside, the $0.1900 support zone is very important. If ripple fails to stay above the trend line and the $0.1900 support, it could start a strong decline.

In the stated bearish scenario, the price could easily drift towards the $0.1820 support. Any further losses might lead it towards $0.1800.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now approaching the 50 level.

Major Support Levels – $0.1900, $0.1880 and $0.1820.

Major Resistance Levels – $0.1935, $0.1980 and $0.2020.

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