Ripple is started a decent recovery from the $0.1280 support zone against the US Dollar. XRP price is likely to surpass the $0.1500 resistance and trade towards the $0.1700 resistance.
- Ripple price is showing a few positive signs above the $0.1400 level against the US dollar.
- It is currently testing a major resistance zone near the $0.1500 level.
- There is a short term breakout pattern forming with resistance near $0.1500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could either continue higher towards the $0.1700 resistance or retreat back to $0.1300.
Ripple Price is Testing Key Resistance
After trading close to the $0.1280 support, ripple started a decent recovery. XRP price broke the $0.1380 and $0.1400 resistance levels to move into a short term positive zone.
The price even climbed above the $0.1500 resistance and the 100 hourly simple moving average. It traded as high as $0.1546 and recently corrected lower. There was a break below the 23.6% Fib retracement level of the upward move from the $0.1281 low to $0.1546 high.
However, the decline was limited as the price found support near the $0.1450 region. At the outset, there is a short term breakout pattern forming with resistance near $0.1500 on the hourly chart of the XRP/USD pair.
If there is an upside break above the $0.1500 resistance, the price is likely to accelerate higher. The next resistance is near the $0.1550 zone, above which the bulls are likely to aim a test of the $0.1650 and $0.1700 resistance levels in the near term. Any further gains could lead the price towards the $0.2000 barrier.
Another Drop?
If ripple fails to extend its rise above the $0.1500 resistance, it could decline below the triangle support zone. An initial support is near the $0.1450 level, below which the price may perhaps test the $0.1400 zone.
An intermediate support is near the 50% Fib retracement level of the upward move from the $0.1281 low to $0.1546 high. A clear break below the $0.1400 support zone could open the doors for a larger decline. The next major support is near the $0.1300 and $0.1280 levels, where the bulls are likely to take a stand.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it is above the 50 level.
Major Support Levels – $0.1450, $0.1400 and $0.1320.
Major Resistance Levels – $0.1500, $0.1550 and $0.1650.
