Ripple price is trading within a broad range below $0.20 level and XRP price is likely to rally towards $0.22 once it breaks the $0.20 resistance level.
After falling sharply from the $0.30 resistance level, the price of Ripple (XRP) started to recover from $0.17 towards the $0.19 level. Moreover, there was a support base formed near $0.1840 and the price climbed above the $0.1910 resistance. Besides, there was a break above a key bearish trend line with resistance near $0.1945 on the 4-hours chart.
At the time of writing, Ripple price is trading at $0.1934. However, there is a crucial resistance waiting near the $0.20 level. The recent high was formed near the $0.1980 level and the price is currently correcting lower.
On the downside, if the selling pressure continues, the crypto’s price will drop to the levels of $0.18 and $0.17. On the upside, if more buyers emerge, the coin will face resistance at the $0.20 and $0.21 price levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the XRPUSD price is showing positive signs above the $0.1940 and $0.1910 support levels. Therefore, there are high chances of a strong rally above the $0.20 resistance level in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Author Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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