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.
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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.
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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.
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.
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.
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.
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