Thread: Ripple Price Analysis: Could XRP Revisit $0.2000 Support Area

Ripple (XRP) price rallied above the $0.2220 resistance level only to fail desperately and decline to the $0.2265 price against the United States Dollar.

Nevertheless, Ripple (XRP) is still holding the downtrend despite the recent market rally against the US Dollar. Similar to Bitcoin, XRP price has chances to revisit its near support of $0.2000.


Ripple Price Analysis

Following the $0.2100 support area tagging, Ripple seems to be gaining a strong rise beyond $0.2200 resistance area against the US Dollar. Furthermore, XRP price is rallying above the 100 hourly simple moving average and the $0.2220 resistance.

Nevertheless, both $0,2270 and $0.2265 acted as strong price hurdles. In fact the formation of a swing high around the $0.2277 resulted to XRP price starting to trim gains. Hence, resulting in trades below the $0.2180 as well as the 100 hourly SMA.

Additionally, Ripple (XRP) price already broke the 50% Fib retracement level of the recent price movement to a $0.2277 high from $0.2097 low. It is likely that the price made an unsuccessful attempt to recover above the $0.2220 and $0.2265 price levels. XRP is currently trading under the 76.4$ Fibonacci retracement level of the recent price increase from a $0.2097 low to a $0.2277 high. Hence, there exists the risk of a downside break below the $0.2100 support in the short term.

For instance, the mentioned case above denotes the possibility of Ripple’s price trading below the $0.2050 support. In fact, the main support is around the $0.2000 level, a point where the bulls seem to be taking their stand. Further losses could, therefore, push the price into a drastic downtrend towards the $0.1900 or even the $0.1850 price zone.

Note the huge number of resistance on the upside near the $0.2150 and $0.2180 price levels. There is also a bearish trend line forming near the $0.2210 with resistance on the hourly XRP/USD pair chart. An intermediate resistance is also gaining shape around the $0.2200 and the 100 -simple moving average.

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