Ripple is up more than 10 percent, breaching the main $0.2000 area of resistance against the US dollar. XRP price shows promising signs, indicating a similar bitcoin breakout over $8,000.

Ripple has made a couple of attempts over the last couple of days to clear the $0.2000 obstacle. XRP price formed a solid base of support above $0.1920 and eventually managed to surge over the $0.2000 hurdle (as discussed in the analysis yesterday).

To begin the recent recovery, on the XRP / USD pair’s hourly chart, a large contracting triangle with resistance near $0.2020 has been broken. On the way up, the pair crossed several obstacles like $0.2120 and settled beautifully above the 100-hour simple moving average.

A similar pattern for bitcoin is emerging and BTC could surge if breaks the resistance of $8,000. Ripple traded at a new monthly peak of $0.2185 and is consolidating gains at present.

It is checking the level of $0.2150 and the 23.6 percent Fib retracement level of the recent recovery from the low $0.2054 to the high $0.2185. The first big help is close to level $0.2120 and level $0.2110.

Also near $0.2119 is the 50 percent Fib retracement point of the recent recovery from the low $0.2054 swing to $0.2185 high. Now near the $0.2100 level (the recent breakout zone) is forming the main uptrend support. Any more losses in the coming sessions could lead the price back to the $0.2000 pivot point.

More from Ripple

Ripple explicitly corrects lower from the high of $0.2185. On the downside, however, the price remains well supported, close to $0.2120.

Around the upside, the initial obstacles are the 0.2175 and $0.2180 rates. The key support is close to the level of $0.2200, above which the bulls are likely to target for another 5 percent -8 percent rise.