Ripple rallied around 5% and it broke the key $0.1920 resistance against the US Dollar. XRP price is now testing the $0.2000 resistance, which holds the key for a larger upward move.
- Ripple price is trading with a strong bullish bias above the $0.1900 level against the US dollar.
- The price is up close to 5% and it tested the $0.2000 resistance area.
- There is a crucial declining channel forming with resistance near $0.2000 on the daily chart of the XRP/USD pair (data source from Kraken).
- The main hurdle for the bulls is near the $0.2000 area and the 100-day SMA.
Ripple Price Rally Facing Significant Hurdle
This past week, ripple formed a strong support above the $0.1720 level against the US Dollar. XRP started a solid upward move from the $0.1687 swing low and broke many hurdles near $0.1820.
There was a break above the key $0.1900 resistance, opening the doors for more upsides. The pair spiked above the $0.1950 level and the 100-day simple moving average. Moreover, it broke the 50% Fib retracement level of the key downward move from the $0.2151 high to $0.1687 low.Ripple price tests $0.2000. Source:The channel resistance is close to the 61.8% Fib retracement level of the key downward move from the $0.2151 high to $0.1687 low. Therefore, an upside break above the $0.2000 level is must for more gains in the coming days.