Ripple (XRP) Approaching Next Crucial Break: Here’s Why $0.35 Holds Key

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February 14th 2020


Ripple surged higher and climbed above the $0.3200 resistance area against the US Dollar. However, XRP price is now facing a strong resistance near the $0.3400-$0.3500 area.

  • Ripple price surged to a new 2020 high at $0.3399 before correcting lower against the US dollar.
  • The price is now consolidating gains above the $0.3150 support area.
  • There is a major contracting triangle forming with resistance near $0.3310 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could either surge above $0.3400 or it might start a significant correction below $0.3000.

Ripple Price Facing Key Hurdles

In the past two days, ripple saw a sharp increase in buying interest above the $0.2900 resistance. As a result, XRP rallied above the $0.3000 and $0.3200 resistance levels.

Moreover, there was a close above the $0.3200 level and the 100 hourly simple moving average. Finally, the price tested a major resistance area near $0.3400-$0.3500 (as discussed in yesterday’s post using the daily chart).

Ripple faced a strong selling interest near $0.3400 and a new 2020 high was formed near $0.3399. Recently, there was a downside correction below the $0.3300 area. The price even broke the 23.6% Fib retracement level of the upward move from the $0.2998 low to $0.3399 high.

There were a couple of spikes below $0.3200, but the price remained well bid above $0.3200. More importantly, there is a major contracting triangle forming with resistance near $0.3310 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple Price

Therefore, ripple seems to be facing a lot of hurdles on the upside, starting with $0.3310 and up to $0.3500. A successful daily close above the $0.3500 level could initiate a long term uptrend towards $0.4000 or even $0.5000.

Key Uptrend Supports

The first key support is near the triangle lower trend line at $0.3200. It also coincides with the 50% Fib retracement level of the upward move from the $0.2998 low to $0.3399 high.

If the price fails to stay above the $0.3200 support, it could start a downside extension. In the mentioned case, the first target for the bears could be $0.3080.

However, the main support is near the $0.3000 level, below which there is a risk of a drop towards the $0.2920 support or the 100 hourly SMA.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level, with positive signs.

Major Support Levels – $0.3200, $0.3080 and $0.3000.

Major Resistance Levels – $0.3310, $0.3400 and $0.3500.



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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

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