Ripple Trades Close To Make-or-Break Levels: XRP Analysis

Ripple trades close to a make-or-break level as it hovering above the $0.2100 support against the US Dollar. XRP dropped below a key support level against Bitcoin and is now at risk of another dramatic decline versus USD as we are reading in the Ripple price news.

Ripple is facing hurdles close to the $0.2200 and the $0.2220 resistance levels and it seems that the price is preparing for a major break above $0.2250 or below $0.2100. There is a short-term channel rising close to the $0.2160 on the hourly charts of the XRP/USD pair which could decline further below the $0.2150 and $0.2100 support levels. The Bitcoin price started a strong rally above the $9,500 and climbed to the $10,000 but ripple failed to continue.

XRP managed to break a couple of support levels against Bitcoin and this only increased the pressure on the pair. the recent price swing was formed close to the $0.2225 level before the price started a downside correction. There was also another break below the $0.2200 support level so the price is now trading below the 23% Fib retracement level of the upswing move from the $0.2110 low to the $0.2225 high. It seems that the short term channel forming close to the $0.2160 on the charts of the pair, the channel gets close to the 50% Fib retracement level of the upward move from the $0.2110 low to the $0.2225 high.

Ripple trades close to the 100 hourly simple moving average which also serves as support close to the $0.2160 and if it fails to say above the $0.2160 support level, it could continue to go downwards close to the $0.2100 support. The further losses could risk a strong decline to the $0.2000 and the $0.1980 support level. If XRP starts a strong increase to the $0.2160 level and breaks the resistance, it could continue to increase so the next level on the upside will be at $0.2265.

A successful close above this level is needed to push towards a $0.2350 level so if any gains could open the doors for a bigger rally to the $0.2400 and the $0.2500 levels. The MACD for XRP/USD is going back into the arms of the bears while the RSI for the XRP/USD is well above the 50 level.