Ripple XRP Price Got A New Push: Can It Breach $0.22?

The Ripple XRP price got a new push yesterday and as we could see from the cryptocurrency news, the token rallied to a new monthly high at $0.2358 before it corrected its gains against the US dollar. The current XRP price is somewhere below $0.2200 and is trying to find the strength to go past this mark again.

In the past two days, we saw a notable surge in the Bitcoin, Ethereum and Ripple prices. This is how the Ripple price climbed above $0.2320 and settled well above the 100 hourly simple moving average. The price even traded to a new monthly high at $0.2358 and recently started a sharp downside correction.

We could notice a major break in the Ripple XRP news today when the cryptocurrency went below its $0.2200 support zone. Buyers stood still at this point but remained optimistic about new gains in the future. A low is formed near $0.2085 right now while the main resistance is at $0.2250.

The current Ripple XRP price got a new push as it surged from $0.2120 to $0.2199 as the current price. The 23.6% Fib retracement level of the recent decline from the $0.2358 high to a $0.2085 low is right where it needs to be. There is also a major bullish trend line that is forming with support near $0.2125 on the hourly chart of the XRP/USD pair.

On the upside, we can see a notable resistance seen near the $0.2185 level. The first major resistance is near the $0.2220 level since it is very close to the 50% Fib retracement level of the recent decline from a $0.2358 high to a $0.2085 low.

In order to start a fresh increase, the Ripple XRP price needs a new push and needs to gain momentum above the $0.2200 resistance levels. Therefore, the next major hurdle is near the $0.2300 and $0.2350 levels in the Ripple news.

All in all, the fact that Ripple XRP price got a new push shows that there still may be some gains lying ahead of us. However, in order for XRP to pursue them, the coin needs to step above $0.2200 and show stability before making a new attempt. The technical indicators for XRP/USD are now as following:

• Hourly MACD – The MACD for XRP/USD is now going back to the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now surging and very likely to climb above the 50 level.
• Major Support Levels – $0.2120, $0.2100 and $0.2050.
• Major Resistance Levels – $0.2185, $0.2220 and $0.2300.