Ripple (XRP) Retreats From Key Resistance But Bulls Are Comfortable
In the past three sessions, there was a sharp increase in bitcoin, Ethereum, and ripple above key hurdles. XRP gained traction and rallied above the $0.1850 and $0.1880 resistance levels.
Finally, there was a spike above the $0.2040 level, but the price failed to remain above the key $0.2025 pivot zone. A new monthly high is formed near $0.2055 and the price is currently correcting lower.
Ripple price traded below the $0.2000 support. There was a break below the 23.6% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high. On the downside, an initial support is near the $0.1960 level.
There is also a key bullish trend line forming with support near $0.1940 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent surge from the $0.1763 low to $0.2055 high is the next key support near the $0.1910 level.
Therefore, dips from the current levels could find a strong buying interest near the $0.1940 and $0.1910 levels. Any further losses may perhaps call for a test of the $0.1880 pivot level.
If ripple remains stable above the $0.1940 and $0.1910 support levels, it could start another increase in the coming sessions. An initial resistance is near the $0.2000 level.
The main hurdle is near the $0.2025 level, above which the bulls are likely to aim a break above the $0.2055 and $0.2065 levels in the near term.