Ripple tested the key $ 0.2240 support area and recovered against the US Dollar, similar to bitcoin. XRP price is showing positive signs and it could rally to $ 0.2550 if it breaks $ 0.2420. Ripple price is recovering nicely from the $ 0.2240 support area against the US dollar. A key inverse head and shoulders is likely forming with support near $ 0.2320. There is a major bearish trend line forming with resistance near $ 0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another rally towards $ 0.2550 if it clears the $ 0.2420 resistance. Ripple Price Eyeing Bullish Break Recently, we saw a downside extension in ripple below the $ 0.2320 support area against the US Dollar. XRP price declined below the $ 0.2280 support and settled below the 100 hourly simple moving average. Finally, the price tested the $ 0.2240 support area, where the bulls emerged. A swing low was formed near $ 0.2236 and the price started a strong recovery. It broke the $ 0.2300 resistance area and the 100 hourly SMA. Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $ 0.2540 high to $ 0.2236 low. More importantly, there is a key inverse head and shoulders likely forming with support near $ 0.2320. Ripple already surpassed the neckline resistance near the $ 0.2350 resistance area. However, there is a major bearish trend line forming with resistance near $ 0.2415 on the hourly chart of the XRP/USD pair. Ripple Price The 50% Fib retracement level of the recent drop from the $ 0.2540 high to $ 0.2236 low is also near $ 0.2388. Therefore, a clear break above the $ 0.2420 resistance area could start a strong rise. The next major resistance is near the $ 0.2500 area, above which ripple could even attempt a break above the $ 0.2540 high in the coming sessions. Any further gains could lead the price towards $ 0.2620. Here Is A Bearish Case For XRP As mentioned XRP needs to surpass the $ 0.2420 resistance to continue higher. If it fails to clear $ 0.2420, there are chances of a fresh decline below the $ 0.2350 level in the near term. The first major support is near the $ 0.2300 level, below which ripple may perhaps decline towards the key $ 0.2240 support area in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly gaining strength in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is now well above the 50 level. Major Support Levels – $ 0.2350, $ 0.2300 and $ 0.2240. Major Resistance Levels – $ 0.2415, $ 0.2420 and $ 0.2500. The post appeared first on NewsBTC.
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