Ripple is trading nicely above the $0.1950 support zone against the US Dollar. XRP price is likely to start a strong rally (similar to bitcoin) if it clears the $0.2000 resistance.
Ripple Price Could Follow BitcoinIn the past few sessions, rippleβs XRP remained stable above the $0.1920 support level. It even settled above the $0.1950 pivot level and the 100 simple moving average (4-hours). Recently, there was a spike above the $0.2000 resistance, but the price failed to gain traction. A high is formed near $0.2015 and the price is currently consolidating in a tiny range. An initial support is near the $0.1965 level and the 100 simple moving average (4-hours). The 50% Fib retracement level of the recent wave from the $0.1916 low to $0.2015 high is also near $0.1965. The next major support is near the $0.1950 level, followed by a connecting bullish trend line at $0.1940 on the 4-hours chart of the XRP/USD pair. Ripple (XRP) price trades near $0.2000. Source: TradingView.com The trend line is close to the 76.4% Fib retracement level of the recent wave from the $0.1916 low to $0.2015 high. More importantly, there is a significant bullish flag forming with resistance near $0.1995 on the same chart. If there is an upside break and close above the $0.2000 level, the price could continue to rise. The next major resistance is near the $0.2030 level, above which the bulls are likely to aim a test of the $0.2120 resistance. Dips Likely Supported in XRPIt seems like ripple could follow bitcoinβs recent upside break above the $9,300 resistance. If it fails to clear the $0.2000 resistance, there might be a short-term downside correction. On the downside, the first major support is near the $0.1950 level, below which the price could revisit the main $0.1900 support level in the near term. Technical Indicators 4-Hours MACD β The MACD for XRP/USD is struggling to gain strength in the bullish zone. 4-Hours RSI (Relative Strength Index) β The RSI for XRP/USD is currently well above the 50 level. Major Support Levels β $0.1965, $0.1950 and $0.1920. Major Resistance Levels β $0.2000, $0.2030 and $0.2120. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money. Via https://www.newsbtc.com/2020/07/22/ripple-xrp-could-rally-significantly/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-xrp-could-rally-significantly |
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