Ripple (XRP) Is Primed For a Rally And Only 1 Thing is Holding it Back


Ripple is currently recovering and trading above the $0.1850 level against the US Dollar. XRP price could start a strong rally if there is an upside break above $0.1900 and $0.1920.

  • Ripple price is slowly rising and currently testing the $0.1900 resistance against the US dollar.
  • There price is struggling to gain momentum above $0.1900, $0.1920, and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a strong rally if it surpasses the $0.1900 and $0.1920 resistance levels.

Ripple Price Approaching Breakout

After testing the $0.1800-$0.1810 support area, ripple started an upside correction. XRP price corrected above the $0.1840 and $0.1850 resistance levels to move into a short term positive zone.

There was a close above the $0.1850 level and the 100 hourly simple moving average. However, the price seems to be facing a strong resistance near the $0.1890 and $0.1900 levels. The 50% Fib retracement level of the last key decline drop from the $0.1966 high to $0.1810 swing low is also acting as a hurdle.

Ripple price is also struggling to settle above the 100 hourly simple moving average (currently at $0.1880). More importantly, there is a major contracting triangle forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair.

Ripple Price

Ripple Price

If the pair breaks the triangle resistance and $0.1900, it could test the 61.8% Fib retracement level of the last key decline drop from the $0.1966 high to $0.1810 swing low.

To start a strong upward move, the bulls need to surpass the $0.1920 resistance level. If they succeed, the price is likely to accelerate higher towards the $0.1980 and $0.2000 resistance levels in the near term.

Fresh Decline?

If ripple struggle to gain momentum above the 100 hourly SMA or the $0.1900 resistance, the price might start a fresh decline below the $0.1860 level.

An initial support on the downside is near a connecting bullish trend line at $0.1850. A clear break below the $0.1850 support level might start a substantial decline towards the $0.1810 and $0.1780 levels.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.

Major Support Levels – $0.1850, $0.1810 and $0.1800.

Major Resistance Levels – $0.1890, $0.1900 and $0.1920.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.



Source link

Comments (No)

Leave a Reply