Ripple (XRP) Price Uptrend Intact For This Reason
Recently, there was a nice upward move in ripple above the $0.2150 and $0.2180 resistances against the US Dollar. Moreover, XRP price even settled above the $0.2200 resistance and the 100 hourly simple moving average.
It opened the doors for more gains above $0.2250 and the price tested the $0.2300 resistance area. A swing high was formed near the $0.2298 level and the price is currently correcting lower.
The price is now trading below the $0.2250 level. Besides, it broke the 23.6% Fib retracement level of the recent rise from the $0.2128 low to $0.2298 high.
However, ripple price is trading above the $0.2220 and $0.2230 support levels. On the downside, there are many supports near the $0.2200-$0.2210 area and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted major ascending channel is intact with support near $0.2230 on the hourly chart of the XRP/USD pair. Additionally, the 50% Fib retracement level of the recent rise from the $0.2128 low to $0.2298 high is near the $0.2210 level.
Therefore, a downside break below the $0.2210 and $0.2200 supports could push the price back into a bearish zone. The next major support is near the $0.2130, followed by the $0.2100 area.
On the upside, an initial hurdle is near the $0.2300 area. If the bulls gain momentum above the $0.2280 and $0.2300 levels, the price could test the $0.2350 resistance. Any further gains above the $0.2350 level may perhaps lift the price towards the $0.2420 resistance area.
Looking at the chart, ripple price is holding a few key supports near the $0.2200 area. As long as there is no close below $0.2200, the price is likely to accelerate above the $0.2300 resistance. Having said that, it might struggle to clear the $0.2350 resistance.