Ripple Price Forming Trend Shows New High Target Above $0.20

The Ripple price forming trend shows a new target level for the cryptocurrency, reaching the $0.20 price level while trading above the $0.1750 support against the US dollar. The XRP price will likely rally if it manages to clear the $0.1870 resistance as we are reading in the following XRP price news.

There is a major bullish trend line forming for the XRP price on the 4-hours chart of the XRP/USD pair and the bulls will aim for a test of the $0.2000 level as long as the price is above the $0.1700. After forming a support base above $0.1620, Ripple started a slow rise and the price broke the $0.1700 and $0.1720 resistance levels to move into the positive zone. The XRP price climbed above the $0.1800 resistance and settled above the 100 simple moving average but the bulls faced a strong barrier close to the $0.1870 and the $0.1880 levels.

The Ripple price forming trend shows two attempts in the past 10 days to go over the $0.1870 barrier but the bulls failed to gain momentum. The recent high was formed close to this level as well before Ripple corrected lower. The XRP price broke the $0.1820 level and the 23.6% fib retracement level from the upward move of the recent $0.167 low to $0.186 high. Looking at the downside, the $0.1780 level is the one providing support. The 50% fib retracement level from the upward move from the $0.1675 low to the $0.186 high is also a support line for the XRP price. There is another bullish trend line forming with support close to the $0.1770 on the 4-hours chart of the XRP/USD pair.

On the upside, the XRP price will surpass the $0.187 and the $0.188 resistance level and will start a strong increase. The major resistance is close to $0.2000 above which the price will surpass the $0.2020 in the near term. There could be a major support zone forming close to the $0.1770 and the trend line. If Ripple manages to go over this trend line, it could extend the decline towards the $0.1720 support. The main support will be close to the $0.1700 level and the 100 simple moving average below which the bulls will lose control and the bears could start attacking at that level.