Ripple price is showing positive signs above the $0.1920 resistance against the US dollar.
Bitcoin rallied above $7,500, opening the doors for more gains in the near term.
There is a key rising channel forming with support near $0.1940 on the hourly chart of the XRP/USD pair (data source from Kraken).
There are high chances of a crucial upside break above the $0.2000 resistance area.
Ripple Price Could Surpass $0.2000
Recently, there were strong gains in bitcoin and Ethereum above $7,500 and $135 respectively against the US Dollar. It sparked bullish moves in XRP above the $0.1900 resistance area.
Moreover, there was a break above $0.1940 and the 100 hourly simple moving average. Ripple price even surpassed the 76.4% Fib retracement level of the downward move from the $0.1974 high to $0.1937 low.
It seems like the price may soon surpass the $0.1974 swing high in the near term. The next key resistance is near the $0.1985 level. It coincides with the 1.236 Fib extension level of the downward move from the $0.1974 high to $0.1937 low.
In the mentioned case, there are high possibilities of an upside break above the main $0.2000 resistance area in the near term. The next target for the bulls above $0.2000 might be $0.2120 since it represents a major pivot area.
Any further gains is likely to lead the price towards the $0.2250 resistance area in the coming days.
What If XRP Fails Near $0.2000?
If ripple fails to surpass the $0.2000 resistance area, there could be another downside correction. An initial support is near the $0.1950 level. However, the main support is near the $0.1940 level.
Additionally, there is a key rising channel forming with support near $0.1940 on the hourly chart of the XRP/USD pair. If there is a downside break below the $0.1940 support, the current bullish bias is likely to invalidate in the short term.
Looking at the chart, ripple price is clearly trading with a positive bias above the $0.1920 and $0.1940 support levels. If the bulls remain in action above $0.1980, the price is likely to surge above $0.2000 and $0.2050.
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 currently well above the 50 level.
Major Support Levels – $0.1950, $0.1940 and $0.1900.
Major Resistance Levels – $0.1985, $0.2000 and $0.2050. The post appeared first on NewsBTC.