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

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

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