The bulls pushed the price above the 23.6% Fib retracement level of the main decline from the $0.2250 high to $0.1849 swing low. There was also a break above a major bearish trend line with resistance near $0.2000 on the four hourly chart of the XRP/USD pair.
Chart trend line (Click image to enlarge) shows the last highs on 7th April up to today, it will take some serious price movement to push through.
Another Decline in XRP?
If ripple fails to continue above the $0.2050 and $0.2100 resistance levels, there might be another decline. An initial support is near the $0.2000 level.
The first major support is near the 100 hourly SMA at $0.1970, followed by the $0.1950 pivot level. In case the price declines below the $0.1950 support, the bears are likely to aim a test of the $0.1850 low.
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Levels – $0.2000, $0.1950 and $0.1920.
Major Resistance Levels – $0.2050, $0.2100 and $0.2200.
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