Ripple Nears Key Breakout Resistance, BTC & ETH Gain Traction

Ripple price is slowly grinding higher and approaching the $0.2000 resistance against the US dollar.XRP seems to be forming a nice support near the $0.1940 and $0.1925 levels.There is a key rising channel forming with support near $0.1945 on the hourly chart of the XRP/USD pair (data source from Kraken).The price remains well bid and it could make another attempt to break the key $0.2000 resistance.Ripple price is closing in towards key resistance against the US Dollar, while BTC and ETH are showing positive signs. XRP price is likely to rally if it breaks $0.2000.Ripple Price AnalysisAfter forming a support base near $0.1850, ripple price started a fresh increase against the US Dollar. Moreover, bitcoin and Ethereum rallied recently towards the $7,500 and $138 resistance respectively.XRP price managed to climb above the $0.1940 resistance and the 100 hourly simple moving average. Finally, there was a push towards the main $0.2000 resistance area.However, the bulls failed to gain momentum above $0.2000 and a high is formed near $0.1982. Ripple price is currently correcting lower below the 23.6% Fib retracement level of the recent wave from the $0.1908 low to $0.1982 high.The price is now approaching the $0.1940 support area. Additionally, the 50% Fib retracement level of the recent wave from the $0.1908 low to $0.1982 high is near the $0.1945 level.More importantly, there is a key rising channel forming with support near $0.1945 on the hourly chart of the XRP/USD pair. If there is a downside break below the channel support and $0.1940, the price could reverse its recent gains.The next key support is near the $0.1910 level and the 100 hourly simple moving average. Any further losses may perhaps lead the price back towards the $0.1850 support area.Conversely, the price might make another attempt to surpass the $0.1980 and $0.2000 resistance levels. If there is a successful close above the $0.2000 resistance area, the price is likely to rally towards the $0.2120 and $0.2150 resistance levels in the near term.Ripple PriceLooking at the chart, ripple price is slowly rising and closing in towards the main $0.2000 resistance level. It might continue to rise and likely to surpass the $0.2000 resistance if both bitcoin and Ethereum climbs above $7,500 and $140 respectively.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently moving in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with a flat structure.Major Support Levels – $0.1945, $0.1940 and $0.1910.Major Resistance Levels – $0.1980, $0.2000 and $0.2020.

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