After trading to a new weekly low at $0.1740, ripple started a fresh rally following the footsteps of Ethereum and bitcoin. XRP price surged above the $0.1800 and $0.1850 resistance levels to move back into a positive zone.
The price even rallied above the $0.1900 resistance and settled above the 100 hourly simple moving average. It traded to new weekly high near $0.1935 and it is currently correcting lower. There was a break below the $0.1900 level.
Besides, there was a break below the 23.6% Fib retracement level of the recent rally from the $0.1740 low to $1935 high. Ripple is now approaching a major support near the $0.1850 level and the 100 hourly simple moving average.
There is also a major bullish trend line forming with support near $0.1850 on the hourly chart of the XRP/USD pair. Below the trend line, the next key support is near the $0.1840 level.
The 50% Fib retracement level of the recent rally from the $0.1740 low to $1935 high is also near the $0.1840 level to act as a strong support. Therefore, the price is likely to bounce back above $0.1900 as long as it is trading above the $0.1840 support.
If ripple fails to stay above the key $0.1850 and $0.1840 support levels, there are chances of more losses in the near term. The next key support is seen near the $0.1810 level.
Any further losses below $0.1810 may perhaps lead the price back towards the $0.1740 swing low. Overall, the current trend is positive and the price might rise again unless it breaks the $0.1840 support.