Ripple (XRP) Topside Bias Vulnerable Unless It Surges Past $0.195
Ripple is currently consolidating below the $0.1900 resistance against the US Dollar. XRP price must settle above $0.1950 and the 100 SMA (H4) to start a strong rally in the near term.
- Ripple price is slowly moving higher after testing the $0.1850 support against the US dollar.
- The price is still trading well below $0.1920 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.1890 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair must surpass the $0.1920 and $0.1950 resistance levels to start a fresh increase.
Ripple Price Facing Uphill Task
This past week, ripple followed a bearish path below the $0.1950 pivot level. XRP price broke many important supports near the $0.1920 level to move into a bearish zone.
It tested the $0.1850 support and settled well below the 100 simple moving average (4-hours). It traded as low as $0.1848 and recently started an upside correction. There was a break above the $0.1880 resistance level.
The bulls even pushed the price above the 23.6% Fib retracement level of the downward move from the $0.1986 high to $0.1848 low. Moreover, there was a break above a major bearish trend line with resistance near $0.1890 on the 4-hours chart of the XRP/USD pair.
Ripple price is currently consolidating above the broken trend line and below $0.1900. The first major resistance is near the $0.1920 level and the 100 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $0.1986 high to $0.1848 low is also near $0.1917.
The main breakout resistance is near the $0.1950 level. If there is a successful break above $0.1920 and $0.1950, the price could start a steady increase. The next key resistance is near $0.2000, followed by $0.2080.
Fresh Decline in XRP?
If ripple price fails to continue higher above $0.1920 or $0.1950, there are chances of a fresh decline. An initial support is near the $0.1880 level.
The first key support is near the $0.1850 level, below which the bulls might struggle to protect $0.1825. Any further losses could lead the price below $0.1800 in the near term.