Ripple tested the key $0.2240 support area and recovered against the US Dollar, similar to bitcoin. XRP price is showing positive signs and it could rally to $0.2550 if it breaks $0.2420.Ripple price is recovering nicely from the $0.2240 support area against the US dollar.A key inverse head and shoulders is likely forming with support near $0.2320.There is a major bearish trend line forming with resistance near $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could start another rally towards $0.2550 if it clears the $0.2420 resistance.Ripple Price Eyeing Bullish BreakRecently, we saw a downside extension in ripple below the $0.2320 support area against the US Dollar. XRP price declined below the $0.2280 support and settled below the 100 hourly simple moving average.Finally, the price tested the $0.2240 support area, where the bulls emerged. A swing low was formed near $0.2236 and the price started a strong recovery. It broke the $0.2300 resistance area and the 100 hourly SMA.Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $0.2540 high to $0.2236 low. More importantly, there is a key inverse head and shoulders likely forming with support near $0.2320.Ripple already surpassed the neckline resistance near the $0.2350 resistance area. However, there is a major bearish trend line forming with resistance near $0.2415 on the hourly chart of the XRP/USD pair.Ripple PriceThe 50% Fib retracement level of the recent drop from the $0.2540 high to $0.2236 low is also near $0.2388. Therefore, a clear break above the $0.2420 resistance area could start a strong rise.The next major resistance is near the $0.2500 area, above which ripple could even attempt a break above the $0.2540 high in the coming sessions. Any further gains could lead the price towards $0.2620.Here Is A Bearish Case For XRPAs mentioned XRP needs to surpass the $0.2420 resistance to continue higher. If it fails to clear $0.2420, there are chances of a fresh decline below the $0.2350 level in the near term.The first major support is near the $0.2300 level, below which ripple may perhaps decline towards the key $0.2240 support area in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly gaining strength in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is now well above the 50 level.Major Support Levels – $0.2350, $0.2300 and $0.2240.Major Resistance Levels – $0.2415, $0.2420 and $0.2500.
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