Ripple Price Analysis: XRP Facing Key Hurdles For Bullish Breakout

• Ripple price started an upside correction from the $0.1750 swing low against the US dollar.
• The price is trading above the $0.1900 level, but facing many hurdles near $0.2000
• There is a major bearish trend line forming with resistance near $0.2050 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
• A clear break above $0.2000 and $0.2050 is needed for upside acceleration.

Ripple price is trading below key hurdles near $0.2000 against the US Dollar. XRP price could either rally sharply above $0.2050 or it might revisit $0.1750.

Ripple Price Analysis

After a steady decline, ripple price found support near the $0.1750 level against the US Dollar. As a result, XRP/USD started an upside correction and traded above the $0.1800 resistance.

Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $0.2227 high to $0.1752 low. However, the upward move faced a strong resistance near the $0.2000 level and the 55 simple moving average (4-hours).

Besides, the 50% Fib retracement level of the downward move from the $0.2227 high to $0.1752 low is acting as a resistance. More importantly, there is a major bearish trend line forming with resistance near $0.2050 on the 4-hours chart of the XRP/USD pair.

Therefore, a clear break above the $0.2000 and $0.2050 resistance levels is needed for upside continuation. The next major resistance is seen near the $0.2100 area, and the 76.4% Fib retracement level of the downward move from the $0.2227 high to $0.1752 low.

Any further upsides could push the price towards the $0.2300 and $0.2315 resistance levels in the near term. On the downside, an initial support is near the $0.1900 level.

If the bulls fail to keep the price above the $0.1900 level, there is a risk of a bearish break below the $0.1800 support level. In the mentioned case, the price could even trade below the $0.1750 low in the coming days.

The next major support below $0.1750 is near the $0.1650 level, where the bulls are likely to appear.

Ripple Price

Looking at the chart, ripple price is clearly trading near a couple of important hurdles at $0.2000 and $0.2050. Therefore, a clear break above $0.2050 may perhaps spark a nice rally. If not, the price could restart its downtrend below $0.1900 in the near term.

Technical indicators

4 hours MACD – The MACD for XRP/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.

Key Support Levels – $0.1900, $0.1800 and $0.1750.

Key Resistance Levels – $0.2000 and $0.2050.

Tags: Ripple, XRP