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Richard Adrian
Jan 6, 2020
by Richard Adrian

Ripple’s Imminent Bull Run Attempting $0.2120

Ripple
The price of Bitcoin is posting bullish signals against the United States Dollar. Bulls are now in control and could probably test the $8K price resistance. The leading coin extended its downside correction way down the $7.2K support against the US Dollar. On the other hand, Ripple (XRP)  continues a major upside towards a grand entry into the second week of 2020. 

Strong upward momentum along Bitcoin and Ethereum prices sparked the bullish movement for Ripple (XRP) against the United States Dollar. XRP witnessed an upsurge beyond the $0.1900 resistance area. Furthermore, the coin saw a  break above $0.1940 and the 100 SMA (Simple moving average).

To the extent of surpassing the 76.4% Fibonacci retracement level of the downward movement from the $0.1974 high to $0.1937 low.  

There seems to be the  possibility of surpassing the $0.1974 swing high in the near term. The next major  resistance level is around the $0.1985 level.

Which seemingly coincides with the 1.236 Fibonacci extension level of the downward movement to a $0.1937 low from the $0.1947 high. 

In the above case, there exists high chances of an upside break beyond the key resistance area of $0.2000 in the near term. Nevertheless, the next key  target for the bulls could be above the $0.2000 and the $0.2120; this is because it is representative of a significant pivot area.

From here, any further gains could spark a price movement towards the $0.2250 resistance area in the next few days. However, incase ripple fails to break the $0.2000 resistance, another downside correction lies imminent.

Note that an initial support lies around the $0.1950 level. Meanwhile, the major support being around the $0.1940 level. 

There is also a key rising channel forming around the $0.1940 support of the XRP/USD pair hourly chart. In case a downside break takes place below the $0.1940 support, the current bullish bias could somehow invalidate in the short term.

The chart also signifies a trading pattern with a positive bias above the $0.1920 and $0.1940 support levels. In case the bulls remain in action beyond the $0.1980, the price could surge towards $0.2000 and $0.2050.

 

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Ripple’s Imminent Bull Run Attempting $0.2120
Richard Adrian
Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

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