Bull Protection For Ripple’s XRP As The Risk Of Bounce Increases

Ripple is facing a lot of issues close to the $0.2200 resistance against the US dollar but it has strong bull protection at the $0.2080 level despite the decline in price. Following the latest XRP news, we take a closer look at the price analysis below.

The Ripple price is correcting the lows after it failed to go past the $0.2200 resistance level against the US dollar. The price remains well supported on the downside close to the $0.2080 level and there was even a break below the connecting bullish trend line with the support of $0.2125 on the hourly charts of the XRP/USD pair. The pair could drop even to the $0.2080 support before it reaches above the $0.2125 level on the hourly charts.

After it formed strong support near to the $0.2000 level, XRP started increasing steadily above $0.2100 against the US dollar and both Ethereum and Bitcoin climbed higher which helped the asset increase above the $0.2200 resistance area. However, the Bull protection did nothing to push the price above this level and a downside correction phase started after. During the downfall, a price level of $0.2198 was reached and XRP broke the $0.2160 support level. There was another break below the connecting bullish trend line at the support level of $0.2125 as per the hourly charts of the pair. Ripple’s price is now trading below the 23.6% Fib retracement level from the upward move of $0.2003.

The next key support level will be at $0.2080 and $0.2070 and a 100-hourly simple moving average. Therefore, XRP will likely find a strong buying interest if it goes towards the $0.2080 area in the long term. If there’s a downside break below this level, it could invalidate the bullish view and XRP could dive for the $0.2000 support. The first resistance for XRP is close to the $0.2125 area which the price will likely surpass above. The main resistance is close to the $0.2200 level and a successful daily closure will be set at the $0.2200 resistance area with a possible opened gate towards the $0.2320.

Looking at the charts, the XRP price is correcting lower but the bulls are active now at $0.2080 but closing below $0.2070 could decrease the chances of a future break above $0.2200.