Pullback In Ripple (XRP) Remains Attractive To Bulls In Short Term

Ripple gained traction above $ 0.1550 and tested the $ 0.1640 resistance region against the US Dollar. XRP price is currently correcting lower, but dips remain attractive in the short term.

  • Ripple price is currently correcting gains from the $ 0.1645 swing high against the US dollar.
  • The bulls are in control and they are likely to protect the $ 0.1580 support area.
  • There is a key connecting bullish trend line forming with support near $ 0.1580 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to remain well bid above the $ 0.1580 and $ 0.1550 support levels in the near term.

Ripple Price is Correcting Gains

Yesterday, we saw a slow and steady increase in ripple above the $ 0.1500 pivot area. XRP price gained traction and surpassed the $ 0.1550 and $ 0.1580 resistance levels.

The bulls remained in action, resulting in a break above the $ 0.1600 level and the 100 hourly simple moving average. The price traded as high as $ 0.1645 and it is currently correcting gains.

An initial support is near the $ 0.1600 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $ 0.1445 low to $ 0.1645 high. Moreover, there is a key connecting bullish trend line forming with support near $ 0.1580 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple Price

It seems like ripple remains well supported on the downside near the $ 0.1580 level. If there is a downside break below the $ 0.1580 support level, the price could correct lower towards the $ 0.1545 level in the near term.

The 50% Fib retracement level of the recent upward move from the $ 0.1445 low to $ 0.1645 high is also near $ 0.1545 to act as a strong support. Any further losses may perhaps start a strong decline back towards the $ 0.1445 support area.

More Upsides?

If ripple remains well bid above the $ 0.1580 level and the 100 hourly simple moving average, it could start a fresh increase. An immediate resistance is near the $ 0.1620 and $ 0.1640 levels.

A successful break above the $ 0.1650 resistance is likely to open the doors for a larger rally. The next resistance is near the $ 0.1700 level, above which the price might surge towards the $ 0.1800 and $ 0.1820 levels.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting towards the 50 level.

Major Support Levels – $ 0.1580, $ 0.1545 and $ 0.1500.

Major Resistance Levels – $ 0.1620, $ 0.1640 and $ 0.1700.

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Analysis – NewsBTC

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