Key Highlights
- Ripple price has recovered well from the $0.1500 low against the US Dollar, and currently facing a resistance.
- There is a major bearish trend line forming with current resistance at $0.1850 on the hourly chart of XRP/USD (data source from Kraken).
- A break and close above $0.1900 might push the price above the $0.2000 handle.
Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD now has to break $0.1850 to gain momentum in the near term.
Ripple Price Upside Hurdle
It was an eventful week for Ripple price as it fell below the $0.1600 support against the US Dollar. The downside move was such that the price almost tested the $0.1500 level. A low was formed at $0.1502 from where a recovery was initiated. The price moved above the 38.2% Fib retracement level of the last drop from the $0.2251 high to $0.1502 low. However, the price seems to be struggling to clear the $0.1850 resistance and the 100 hourly simple moving average.
There was also a failed attempt to break the 61.8% Fib retracement level of the last drop from the $0.2251 high to $0.1502 low. The price is currently trading below $0.1900 and the 100 hourly simple moving average. On the upside, there is a major bearish trend line forming with current resistance at $0.1850 on the hourly chart of XRP/USD. A proper close above the trend line resistance, $0.1900 and the 100 hourly SMA is needed for further gains.
Once we have a close above $0.1900, the price could easily surpass the $0.2000 level. The next major hurdle for buyers sits near $0.2045. On the downside, an initial support is at $0.1750, followed by $0.1700.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is struggling to gain pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Level – $0.17000
Major Resistance Level – $0.1900
Charts courtesy – Trading View, Kraken
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