Ripple Key Trend Starts Forming, A Swift Rally Could Occur Soon

A ripple key trend is forming as XRP consolidates above the $0.2000 support against the US dollar. The price is likely to start a strong increase to the $0.21000 level as long as it stays above the 100 SMA so let’s read more in the following Ripple XRP news.

The XRP price is now trading above the main $0.2000 support zone against the US dollar. A new Ripple key trend is forming close to the resistances at $0.2040 and $0.2075 levels. There’s also a major declining channel forming with the resistance to the $0.2040 level on the 4-hour charts. The pair is likely to accelerate higher if there’s a clear break above the $0.2075. Over the past few days, Ripple followed a new bearish path below the $0.2100 pivot level so XRP broke the $0.2020 support zone but remained well above the $0.2000 one.

The price is consolidating above the $0.2000 support and the 100 simple moving average while the last swing high was close to the $0.2073 before the price dropped to the $0.2000 level. The new low formed close to the $0.1986 and the price is rising continuously. XRP consolidates above the 50% Fib retracement level of the decline from $0.2073 high to the $0.1986 low. It seems that there’s a major declining channel forming with a resistance close to the $0.2040 on the 4-hour charts of the pair. The channel resistance is getting close to the 61% fib retracement level from the recent decline of $0.2073 high to $0.1986 low. If there’s an upside break above the channel resistance, the price could test the $0.2075 resistance zone.

A successful close above the $0.2075 resistance could open the doors for a bigger upward move while the next major resistance is close to the $0.2140 level above which the bulls could get in an push the price towards $0.2250. Looking at the downside, there is crucial support forming close to the $0.2000 and the 100 simple moving average. If Ripple fails this support level, there could be a risk of a larger decline. The successful close below the $0.2000 support could lead the price to the $0.1920 support in the near-term.

#Ripple in the ocean turn into waves. pic.twitter.com/3q12B67ZNg

— ₿TC (@Trader_Lewis) June 8, 2020

The 4-hour MACD for the XRP/USD pair is slowly gaining momentum in the bullish zone. The 4-hour RSI is now below the 50 levels while the major support levels include $0.2000, $0.1920, $0.1900, as per the data that we have in our Ripple XRP news today.