Ripple price is off to a strong bullish start in today’s trading. As of this writing, XRPUSD is up by 4.97% from where it opened as it trades around $0.1943. However, the cryptocurrency shows that it is now testing a critical resistance level.
On the daily time frame, it can be seen that ripple price is testing the 100 SMA. On top of this, the area around $0.1940 also coincides with the falling trendline when you connect the highs of April 30, May 9, and June 2. Lastly, when you draw the Fibonacci retracement tool from the high of June 2 to the low of June 27, you can also see that this area also aligns with the region between the 50% and 61.8% Fib levels. Reversal candlesticks around this price may mean that the recent rally on XRPUSD would soon be short-lived. The cryptocurrency may soon fall to uts June 27 lows at $0.1691. If support at that price does not hold, the next floor could be at $0.1404 where ripple price bottomed on Mar 15.
On the other hand, a strong bullish close above $0.1950 may mean that buyers have overpowered sellers. With this, ripple price could extend its gains to near-term resistance at $0.2085 where it could test the 200 SMA. If resistance does not hold, the next ceiling could be at $0.2268 where XRPUSD topped on April 30.
Ripple Price, Daily Chart
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