Analysis

Ripple (XRP) is Primed For a Rally And Only 1 Thing is Holding it Back

Ripple is struggling to gain momentum above the $ 0.1640 and $ 0.1650 resistances against the US Dollar. XRP price must stay above the $ 0.1580 support to continue higher in the near term.

  • Ripple price is facing a lot of hurdles near the $ 0.1640 and $ 0.1650 levels against the US dollar.
  • The bulls could gain strong momentum if there is a clear break above $ 0.1650.
  • There is a major bullish trend line forming with support near $ 0.1600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could trade in a range before the next major move either above $ 0.1650 or towards $ 0.1500.

Ripple Price is Consolidating

In the past few hours, ripple made a couple of attempts to surpass the $ 0.1640 and $ 0.1650 resistance levels. XRP price is currently consolidating in a range below $ 0.1650 and it seems to be setting up for the next move.

The recent low was near $ 0.1574 and the price is currently moving higher. There was a break above the $ 0.1600 level and the price is holding the 100 hourly simple moving average.

On the downside, there is a major bullish trend line forming with support near $ 0.1600 on the hourly chart of the XRP/USD pair. The current technical structure for ripple is positive as the price is trading above the 50% Fib retracement level of the downward move from the $ 0.1657 high to $ 0.1574 low.

Ripple Price

Ripple Price

An initial resistance on the upside is near the $ 0.1625 level. It is close to the 61.8% Fib retracement level of the downward move from the $ 0.1657 high to $ 0.1574 low.

The main hurdles are still near $ 0.1640 and $ 0.1650 resistance levels. A successful break above the $ 0.1650 resistance could open the doors for a larger upward move in the coming sessions.

In the stated bullish case, the price is likely to surge towards $ 0.1700. Any further gains could lead the price towards the $ 0.1720 and $ 0.1750 levels.

Downside Break?

If ripple fails to clear the $ 0.1650 resistance, it could start a fresh decline. A downside break below the $ 0.1600 support and the 100 hourly simple moving average might spark bearish moves.

The next support is near the $ 0.1550 level, below which the price is likely to dive towards the $ 0.1440 support area in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 60 level.

Major Support Levels – $ 0.1600, $ 0.1580 and $ 0.1550.

Major Resistance Levels – $ 0.1640, $ 0.1650 and $ 0.1700.

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *