Ripple (XRP) Is Consolidating In Key Range And It Could Start Rising
Ripple is facing a strong resistance near the $0.1500 region against the US Dollar. However, XRP price remains well supported above $0.1400 and it could soon start an increase towards $0.1700.
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Ripple price is trading in a key range above the $0.1400 support level against the US dollar.
There are a few key hurdles forming near the $0.1500 and $0.1550 levels.
There is a major contracting triangle forming with resistance near $0.1485 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price is likely to accelerate higher once it clears the $0.1485 and $0.1500 resistance levels.
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Ripple Price is Stuck in a Range
In the past few sessions, ripple remained well bid above the $0.1320 and $0.1400 support levels. XRP price recovered further and climbed above the $0.1450 level.
The bulls even pushed the price above the $0.1500 level, but they failed to gain strength. The price topped near the $0.1549 level and it remained below the 100 hourly simple moving average.
There were mostly contracting range moves below the $0.1500 and $0.1550 resistance levels. Besides, ripple price tested the 50% Fib retracement level of the recovery wave from the $0.1280 low to $0.1549 high.
It seems like there is a major contracting triangle forming with resistance near $0.1485 on the hourly chart of the XRP/USD pair. On the upside, there is a key resistance forming near $0.1485 and the 100 hourly SMA.
A successful break above the $0.1485 level and then a follow through above $0.1500 might open the doors for a decent upward move. The next resistance is near the $0.1550 level, above which the price is likely to test the main $0.1700 resistance area.
If ripple fails to surpass the $0.1485 and $0.1500 resistance levels, it could attempt a downside break. The first key support is near the $0.1400 level.
The next support is near the $0.1384 level. It represents the 61.8% Fib retracement level of the recovery wave from the $0.1280 low to $0.1549 high.
If there is a downside break below the $0.1384 level, there is a risk of a larger decline in the coming sessions. The next major support is seen near the $0.1300 and $0.1285 levels.
Hourly MACD – The MACD for XRP/USD is currently showing no major bullish sign.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it is close to the 50 level.
Major Support Levels – $0.1400, $0.1384 and $0.1300.
Major Resistance Levels – $0.1485, $0.1500 and $0.1550.
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