Ripple traded to a new monthly high at $0.2118 against the US Dollar. XRP price is currently correcting lower, but dips remain well supported near $0.1980 and the 100 hourly SMA.
- Ripple started a downside correction after trading as high as $0.2118 against the US dollar.
- The price is currently testing the $0.2000 support and it is well above the 100 hourly SMA.
- There is a connecting bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to bounce back as long as it is above $0.1950 and the 100 hourly SMA.
Ripple Price Testing Key Supports
After a successful close above the $0.2000 region, ripple extended its upward move. XRP price even traded above the $0.2050 resistance and settled well above the 100 hourly simple moving average.
It traded to a new monthly high at $0.2118 and recently started a downside correction. There was a break below the $0.2050 and $0.2040 support levels. The price tested the $0.2000 and $0.1985 support levels.It seems like the 50% Fib retracement level of the upward move from the $0.1831 low to $0.2188 high is acting as a strong support. Moreover, there is a connecting bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair.
Ripple price below $0.2020. Source:The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.1831 low to $0.2188 high. The 100 hourly simple moving average is also near the $0.1940 level to provide support.