Ripple (XRP) Looks Ready For Another Leg Higher Over $0.20
It started a downside correction and traded below the $0.1965 support. However, the $0.1950 level acted as a strong support along with the 100 hourly simple moving average.
A low is formed near $0.1944 and the price is currently following a bullish breakout pattern. It surpassed the 50% Fib retracement level of the recent decline from the $0.1997 high to $0.1944 low.
On the upside, the bulls are facing hurdles near the $0.1980 level and a connecting bearish trend line on the hourly chart of the XRP/USD pair. Ripple is also struggling to clear the 61.8% Fib retracement level of the recent decline from the $0.1997 high to $0.1944 low.
If there is an upside break above the $0.1980 resistance, the price could revisit the $0.2000 resistance area. A successful break and follow through above the $0.2000 hurdle is must for another surge.
An immediate resistance above $0.2000 is near the $0.2020 level, above which the bulls are likely to aim a test of the $0.2120 level.
Ripple is clearly trading near a major support above $0.1955 and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $0.1960 on the same chart.
If the price fails to stay above the trend line and the 100 hourly SMA, it could correct further lower below $0.1950. The next major support is near $0.1920, below which there is a risk of a strong decline towards $0.1850.