Ripple (XRP) Bulls Target Fresh Monthly High Above $0.20: Here’s Why?

Ripple follows a good upward trend and trades above $ 0.1750 support against the US Dollar. The price of XRP is likely to rally significantly if it removes the $ 0.1870 resistance.

• The price of the ripple slowly gained bullish momentum above the level of $ 0.1800 against the US dollar.
• The price faces a strong barrier near the levels of $ 0.1870 and $ 0.1880.
• There is a main bullish trend line formed with support near $ 0.1770 on the 4-hour chart of the XRP / USD pair (data source from Kraken).
• Bull tends to test $ 0.2000 or $ 0.2020 as long as prices are above 0.1700.

Ripple Price Formation Uptrend
After forming a support base above $ 0.1620, the ripples started a slow and stable advance. The price of XRP broke through resistance levels of $ 0.1700 and $ 0.1720 to move into the positive zone.

The price even went up above the $ 0.1800 resistance and settled well above the 100 simple moving average (4 hours). However, the rise faces strong barriers near the levels of $ 0.1870 and $ 0.1880.

There have been two attempts in the past 10 days to surpass the $ 0.1870 barrier, but the bulls failed to gain momentum. A recent high formed near $ 0.1869 before ripples corrected lower.

It broke the $ 0.1820 level, plus the 23.6% Fib retracement level of the upward movement from the low of $ 0.1675 to the high of $ 0.1869. On the downside, levels of $ 0.1780 and $ 0.1770 currently provide support.

The 50% Fib retracement level of the up move from the low of $ 0.1675 to the high of $ 0.1869 also acts as support. More importantly, there is a main bullish trend line formed with support near $ 0.1770 on the 4-hour chart of the XRP / USD pair.

On the upside, ripple price must surpass the $0.1870 and $0.1880 resistance levels to start a strong increase. The next major resistance is near $0.2000, above which the price could even surpass $0.2020 in the near term.

On the downside, there is a major support forming near $0.1770 and the trend line. If ripple breaks the trend line, it could extend its decline towards the $0.1720 support.

The main support is near the $0.1700 level and the 100 simple moving average (4-hours), below which the bulls are likely to lose control and there are high chances of a trend change to bearish.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 60 level.

Major Support Levels – $0.1770, $0.1720 and $0.1650.

Major Resistance Levels – $0.1870, $0.1880 and $0.2000.

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