Ripple was trading at a new weekly low of $ 0.1849 and is currently correcting higher versus the US dollar. XRP is likely to experience strong resistance near the USD 0.2000 and USD 0.2050 levels.
- Ripple shows signs of an upward correction of the swing low of $ 0.1850 against the US dollar.
- The price is currently trading above USD 0.1920, but faces many hurdles near USD 0.2000.
- There is a large declining channel formation with a resistance near $ 0.1960 on the hourly chart of the XRP / USD pair (Kraken’s data source).
- The pair could rise to $ 0.2000 or $ 0.2050 where sellers are likely to take a position.
Ripple price recovery may fail soon
In the past few sessions, ripple followed a bearish pattern, extending down below USD 0.1880. XRP price traded to a new weekly low of $ 0.1849 and fell well below the 100-hour moving average.
It is currently correcting higher and trading above the USD 0.1920 resistance. There was a break above the 23.6% Fib retracement level from the major drop from the $ 0.2250 high to $ 0.1849 low.
The price is currently facing hurdles near the USD 0.1960 level. There is also a large declining channel formation with a resistance of almost $ 0.1960 per hour chart of the XRP / USD pair.
The current price action suggests the ripple could rise above the channel resistance at $ 0.1980. However, there are many hurdles waiting up near the USD 0.2000 and USD 0.2050 levels.
The main hurdle is near the USD 0.2050 level, as it is close to the 100-hour moving average. The 50% Fib retracement level of the key drop from the high of $ 0.2250 to $ 0.1849 is also near the $ 0.2049 level to stop the bulls.
To move to a positive zone, the XRP price must rise above the USD 0.2000 resistance and then gain bullish momentum above the USD 0.2050 resistance zone.
Bearish Scenario for XRP
If ripple has a hard time correcting above the USD 0.1960 and USD 0.2000 resistance levels, there are chances of more drawbacks in XRP. The first support is seen near the USD 0.1900 level.
The main support is now near the USD 0.1850 level, among which there are big opportunities for expansion to the USD 0.1780 and USD 0.1750 levels.
Hourly MACD – The MACD for XRP / USD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 50 level.
Major Support Levels – $ 0.1920, $ 0.1880, and $ 0.1850.
Large resistance levels – $ 0.1960, $ 0.2000, and $ 0.2050.
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