Ripple is trading nicely above the $0.1200 and $0.1300 support levels against the US Dollar. XRP price seems to be preparing for the next key break above the $0.1600 resistance area.
- Ripple price is currently recovering from the $0.1279 weekly low against the US dollar.
- It is trading above the $0.1400 resistance area, but it is facing a couple of key hurdles.
- There is a key bearish trend line forming with resistance near $0.1600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price start a strong upward move if it successfully clears the $0.1600 and $0.1700 resistance levels.
Ripple Price Approaching Hurdles
Yesterday, we saw a fresh decline in ripple from the $0.1645 high. XRP price broke a few supports near the $0.1500 and settled well below the 100 hourly simple moving average.
The decline was such that the price traded below the $0.1320 support level. A new weekly low is formed near the $0.1279 and the price is currently correcting higher.
It surpassed the $0.1320 resistance level and climbed nicely above the 50% Fib retracement level of the recent decline from the $0.1645 high to $0.1279 low. However, the $0.1500 level seems to be acting as a resistance along with the 100 hourly simple moving average.
Ripple is also facing hurdles near the 61.8% Fib retracement level of the recent decline from the $0.1645 high to $0.1279 low. The main resistance on the upside is near the $0.1600 level.
There is also a key bearish trend line forming with resistance near $0.1600 on the hourly chart of the XRP/USD pair. To start a strong upward move, the price must overtake the $0.1600 and $0.1650 resistance levels.
The main hurdle is near the $0.1700 level, above which the bulls are likely to take control. The next stop for them could be the $0.1980 level in the near term.
Fresh Decrease?
If ripple fails to continue above the $0.1600 resistance area, it could start another decrease. An initial support is near the $0.1435 level and a connecting bullish trend line on the same chart.
A successful break below the $0.1435 and $0.1400 support levels might start another decrease in the coming sessions. The next major support is near the $0.1320 level, below which the bears are likely to aim a test of the $0.1200 support.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Levels – $0.1435, $0.1400 and $0.1320.
Major Resistance Levels – $0.1600, $0.1620 and $0.1650.