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Ripple (XRP) Bulls Target Fresh Monthly High Above $0.20: Here’s Why

Altcoins 2020/04/06 06:18 by Aayush Jindal
Ripple is following a nice uptrend and trading above the $0.1750 support against the US Dollar. XRP price is likely to rally significantly if it clears the $0.1870 resistance. Ripple price is slowly gaining bullish momentum above the $0.1800 level against the US dollar. The price is facing a strong barrier near the $0.1870 and $0.1880 levels. There is a major bullish trend line forming with support near $0.1770 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The bulls are likely to aim a test of $0.2000 or $0.2020 as long as the price is above 0.1700. Ripple Price Forming Uptrend After forming a support base above $0.1620, ripple started a slow and steady rise. XRP price broke the $0.1700 and $0.1720 resistance levels to move into a positive zone. The price even climbed above the $0.1800 resistance and settled nicely above the 100 simple moving average (4-hours). However, the bulls faced a strong barrier near the $0.1870 and $0.1880 levels. There were two attempts in the past 10 days to surpass the $0.1870 barrier, but the bulls failed to gain momentum. The recent high was formed near $0.1869 before ripple corrected lower. It broke the $0.1820 level, plus the 23.6% Fib retracement level of the upward move from the $0.1675 low to $0.1869 high. On the downside, the $0.1780 and $0.1770 levels are currently providing support. The 50% Fib retracement level of the upward move from the $0.1675 low to $0.1869 high is also acting as a support. More importantly, there is a major bullish trend line forming with support near $0.1770 on the 4-hours chart of the XRP/USD pair. Ripple Price On the upside, ripple price must surpass the $0.1870 and $0.1880 resistance levels to start a strong increase. The next major resistance is near $0.2000, above which the price could even surpass $0.2020 in the near term. Reversal Chances? On the downside, there is a major support forming near $0.1770 and the trend line. If ripple breaks the trend line, it could extend its decline towards the $0.1720 support. The main support is near the $0.1700 level and the 100 simple moving average (4-hours), below which the bulls are likely to lose control and there are high chances of a trend change to bearish. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 60 level. Major Support Levels – $0.1770, $0.1720 and $0.1650. Major Resistance Levels – $0.1870, $0.1880 and $0.2000. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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