Ripple is currently consolidating above the $0.2000 support against the US Dollar. XRP price is likely to start a strong increase above $0.2100 as long as it is above the 100 SMA (H4). Ripple price is currently trading nicely above the main $0.2000 support zone against the US dollar. The price is facing a few key resistances near the $0.2040 and $0.2075 levels. There is a major declining channel forming with resistance near $0.2040 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely to accelerate higher if there is a clear break above $0.2075. Ripple Price Holding Crucial Uptrend Support In the past few days, ripple followed a bearish path below the $0.2100 pivot level. XRP price broke the $0.2020 support zone, but it remained well bid above the $0.2000 support level. The price is currently consolidating above the $0.2000 support and the 100 simple moving average (4-hours). The last swing high was near $0.2073 before the price declined towards $0.2000. A low is formed near $0.1986 and the price is currently rising. XRP is trading above the 50% Fib retracement level of the recent decline from the $0.2073 high to $0.1986 low. It seems like there is a major declining channel forming with resistance near $0.2040 on the 4-hours chart of the XRP/USD pair. Ripple Price The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $0.2073 high to $0.1986 low. If there is an upside break above the channel resistance, the price could test the key $0.2075 resistance zone. A successful close above the $0.2075 resistance zone could open the doors for a larger upward move. The next major resistance is near the $0.2140 level, above which the bulls are likely to aim more gains towards $0.2250. More Losses in XRP? On the downside, there is a crucial support forming near $0.2000 and the 100 simple moving average (4-hours). If ripple fails to stay above the $0.2000 support, there is a risk of a larger decline. A successful close below the $0.2000 support may perhaps lead the price towards the $0.1920 and $0.1900 support levels in the near term. 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 just below the 50 level. Major Support Levels – $0.2000, $0.1920 and $0.1900. Major Resistance Levels – $0.2040, $0.2075 and $0.2140. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.
from NewsBTC https://www.newsbtc.com/2020/06/08/a-key-trend-is-forming-for-ripple-xrp-and-a-swift-rally-could-occur/?utm_source=rss&utm_medium=rss&utm_campaign=a-key-trend-is-forming-for-ripple-xrp-and-a-swift-rally-could-occur
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