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Ripple Price Testing Critical Resistance, Bulls Struggle Hard

bitcoin BTCUSD

Ripple price started its bullish after the breakout in the rectangle pattern resistance at 0.1983. However, the sharp rise in ripple price was capped by the resistance level at 0.2253. Currently the price trading below the major resistance at 0.2161. Ripple price might head towards that resistance and any bearish price action signals might refuel the bears. If the Ripple bears manage to take control, the price might test the support at 0.1983. A daily closing of the price below that level might push the price towards the key support level at 0.1858, low of 2nd January 2019.

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On the upside, the ripple price needs to break above the resistance at 0.2255. Daily closing above the resistance at 0.2317 might refuel the ripple bulls and push the XRP/USD towards the next resistance at 0.2433. However, such an extended bullish rally in the XRP/USD might require a fundamental catalyst. And the current performance of the U.S economy strongly argues prolonged rally in XRP/USD.  We might experience a ranging market shortly. And if the U.S dollar gains back its former glory, we might sharp fall in the ripple price. Considering the technical and fundamental parameters, the bulls seem to be exhausted. So, we might see a bearish correction in price.Download our latest quarterly market outlook for our longer-term trade ideas.

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