Ripple (XRP) Bulls Aim Big After Recent Close Above Key Resistance

Ripple is trading nicely in a bullish zone above $0.1950 against the US Dollar. XRP price is likely to accelerate higher above the $0.2000 and $0.2020 resistance levels. Ripple price is showing signs of more upsides above $0.2000 against the US dollar. A key support is forming near the $0.1920 pivot level. There is a major bullish trend line forming with support near $0.1955 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to continue higher above $0.2000 as long as it is trading above the $0.1920 pivot level. Ripple Price Could Rally Further After forming a strong support base above $0.1900 and $0.1920, ripple started a fresh increase. XRP price broke a key resistance near the $0.1950 level to move further into a positive zone. There was also a break above the $0.1980 weekly resistance area. Ripple settled nicely in a positive zone above the 100 hourly simple moving average, similar to bitcoin and Ethereum. A new weekly high is formed near $0.1997 and the price is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high. The first major support is near the $0.1965 level (the recent breakout zone). The next major support is seen near the $0.1955 level. Besides, there is a major bullish trend line forming with support near $0.1955 on the hourly chart of the XRP/USD pair. Ripple Price The trend line is close to the 50% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high. On the upside, an immediate resistance for the bulls is near the $0.2000 level. A successful break and follow through above the $0.2000 level could start a strong rise. The next immediate resistance is near the $0.2050 level, above which the price might rally towards the $0.2120 level. Dips Limited Ripple is well supported on the downside, starting with $0.1965 and $0.1950. The 100 hourly simple moving average is also near $0.1945 to provide support. The main support is now forming near the $0.1920 level, below which there is a risk of a larger decline towards the $0.1880 and $0.1850 levels in the near term. 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 well above the 55 level. Major Support Levels – $0.1965, $0.1955 and $0.1920. Major Resistance Levels – $0.2000, $0.2020 and $0.2050. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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