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.
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.
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.
Ripple Price
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.
Range Break?
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.
Technical Indicators
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. origin »
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Ripple (XRP) has entered a bullish setup that could trigger a decisive uptrend. The…
The post Ripple (XRP) could accelerate to $0.82 in the near term appeared first on Coin Journal.
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Key Highlights Ripple price tumbled sharply after there was a daily close below $0. 4000 against the US dollar. There is a major bearish trend line in place with resistance at $0. 3900 on the hourly chart of the XRP/USD pair (data source from Kraken).
Key Highlights Ripple price is trading in a range above the $0. 4300 support area against the US dollar. There is a short-term contracting triangle formed with resistance near $0. 4560 on the hourly chart of the XRP/USD pair (data source from Kraken).
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Key Highlights Ripple price struggled to break the $0. 4650 resistance and declined below $0. 4500 against the US dollar. There was a break below an ascending channel with support at $0. 4550 on the hourly chart of the XRP/USD pair (data source from Kraken).
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Key Highlights Ripple price recovered recently, but it is facing a significant resistance near $0. 4500 against the US dollar. There was a break above a key bearish trend line with resistance at $0.
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Key Highlights Ripple price failed to hold an important support at $0. 4750 and declined against the US dollar. Yesterday’s highlighted important bullish trend line was breached with support at $0.
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Key Highlights Ripple price failed to move above the $0. 4750 resistance and declined against the US dollar. There is a major bearish trend line in place with resistance near $0. 4600 on the hourly chart of the XRP/USD pair (data source from Kraken).
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Key Highlights Ripple price traded close to the $0. 4750 resistance where it faced sellers against the US dollar. There is a short-term ascending channel in place with support at $0. 4620 on the hourly chart of the XRP/USD pair (data source from Kraken).
Key Highlights Ripple price failed to hold gains above the $0. 4700 support and declined against the US dollar. There is a new key bearish trend line formed with resistance near $0. 4600 on the hourly chart of the XRP/USD pair (data source from Kraken).
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XRP is at a crucial turning point as the cryptocurrency struggles to maintain support at the $2 level. A breakdown could trigger a significant decline, while a successful defense may pave the way for a bullish recovery. Here is today’s XRP news.
