Ripple (XRP) Bulls Aim Big After Recent Close Above Key Resistance
There was also a break above the $0.1980 weekly resistance area. Ripple settled nicely in a positive zone above the 100 hourly simple moving average, similar to bitcoin and Ethereum.
A new weekly high is formed near $0.1997 and the price is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high.
The first major support is near the $0.1965 level (the recent breakout zone). The next major support is seen near the $0.1955 level. Besides, there is a major bullish trend line forming with support near $0.1955 on the hourly chart of the XRP/USD pair.
The trend line is close to the 50% Fib retracement level of the recent rise from the $0.1922 low to $0.1997 high. On the upside, an immediate resistance for the bulls is near the $0.2000 level.
A successful break and follow through above the $0.2000 level could start a strong rise. The next immediate resistance is near the $0.2050 level, above which the price might rally towards the $0.2120 level.
Ripple is well supported on the downside, starting with $0.1965 and $0.1950. The 100 hourly simple moving average is also near $0.1945 to provide support.
The main support is now forming near the $0.1920 level, below which there is a risk of a larger decline towards the $0.1880 and $0.1850 levels in the near term.