Ripple is struggling to gain momentum above the USD 0.1640 and USD 0.1650 resistances against the US dollar. The XRP price must remain above the $ 0.1580 support to continue rising in the short term.
- The ripple price faces many hurdles near the $ 0.1640 and $ 0.1650 levels against the US dollar.
- The bulls could gain momentum if there is a significant break above $ 0.1650.
- An important bullish trendline is forming on the hourly chart of the XRP / USD pair (Kraken data source) with support near USD 0.1600.
- The price could trade above either $ 0.1650 or towards $ 0.1500 in a range before the next big move.
The ripple price is consolidating
In the past few hours, Ripple has made several attempts to exceed the $ 0.1640 and $ 0.1650 resistance levels. The XRP price is currently consolidating in a range below $ 0.1650 and seems to be preparing for the next step.
The recent low was $ 0.1574 and the price is currently moving higher. There was a pause above the $ 0.1600 level and the price holds the simple 100-hour moving average.
On the other hand, a large bullish trend line is forming with support of nearly $ 0.1600 per hour diagram 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 high of $ 0.1657 to the low of $ 0.1574.
Initial resistance is near the $ 0.1625 level. It is close to the Fib retracement level of 61.8% of the move down from the high of $ 0.1657 to the low of $ 0.1574.
The main hurdles are still near the resistance levels of $ 0.1640 and $ 0.1650. A successful breakthrough above the $ 0.1650 resistance could open the doors for a major upward move in the coming sessions.
In the bullish case indicated, the price should rise towards $ 0.1700. Further gains could push the price towards the $ 0.1720 and $ 0.1750 levels.
If the ripple does not remove the $ 0.1650 resistance, it could lead to another decline. A downtrend below the $ 0.1600 support and the simple 100-hour moving average could trigger bearish moves.
The next support is close to the $ 0.1550 level below which the price is likely to fall towards the $ 0.1440 support area in the near future.
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 to the level of 60.
Major support levels – $ 0.1600, $ 0.1580 and $ 0.1550.
Major resistance levels – $ 0.1640, $ 0.1650 and $ 0.1700.