Ripple Price Takes Back $0.1700 Support As $0.2000 Draws Nigh


Siam Commercial Bank (SCB) and Ripple
Siam Commercial Bank (SCB) and Ripple

Ripple Price Takes Back $0.1700 Support As $0.2000 Draws Nigh

  • Ripple price weekend losses take a breather at $0.1625 as a bullish reversal aims for levels above $0.1700.
  • XRP/USD is technically and fundamentally ready to take on the resistance at $0.2000 but extreme volatility could push XRP back to $0.1400.

Ripple price is in the middle of a recovery mission as the European session takes over from the Asian session. The weekend session was not only drab but also bearish. XRP/USD dived from highs slightly above $0.1700 to lows around $0.1625. The decline was not unique to Ripple but affected the majority of digital assets including Bitcoin and Ethereum.

XRP/USD is on the verge of overcoming the resistance at $0.1700. The price is dancing at $0.1700 at the time of writing. Glancing lower, the immediate downside is supported by the 50 Simple Moving Average (SMA) in the 4-hour range. Also providing support is the ascending trendline support (part of the rising wedge pattern), the 100 SMA at $0.15817, $0.1625 and $0.1600.

From a technical perspective, the Relative Strength Index (RSI) clearly shows that buyers are returning to the market amid increasing volatility. The weekend dip to $0.1625 saw the RSI test the level at 40. An ongoing recovery above the average is encouraging more traders to make more buying entries, which could eventually blast XRP/USD into a trajectory above $0.2000.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

In spite of the bullish reversal, Ripple price is not yet in the clear especially with the formation of a rising wedge pattern. If the resistance at $0.1700 and $0.1800 becomes a hard nut to crack, Ripple will most likely change direction downwards. Moreover, a break under the wedge pattern’s support could result in extended declines below $0.1500 and even test the primary support at $0.1400.

Ripple Key Levels

Spot rate: $0.1698

Relative change: 0.00763

Percentage change: 4.96%

Trend: Bullish

Volatility: High

 

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 763 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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