The Ripple XRP price is experiencing a lot of hurdles near the $0.1640 and $0.1650 levels against the US dollar. The bulls could gain strong momentum if we see a clear break above these levels. However, as many pointed out, only one thing is holding the XRP price from initiating a new rally.
Currently, XRP is consolidating in a range below $0.1650 and seems to be preparing for the next move. The recent low, as you probably know from our Ripple news yesterday, was near $0.1574 and is currently moving higher. There was a break above the $0.1600 level which was news well received for the bulls. The price of this coin is now holding the 100 hourly simple moving average.
On the downside, we can see a major bullish trend line forming with support near $0.1600 on the hourly chart of the XRP/USD pair. The current technical structure for Ripple is positive as the price trades above the 50% Fib retracement level of the downward move from the $0.1657 high to the $0.1574 low.
We can also see an initial resistance on the upside, positioned near the $0.1625 level. Only one thing is holding the Ripple XRP price from a break above this level – and the main hurdle is the lost volume and momentum.
In other words, if XRP fails to clear the $0.1650 resistance, it could start a fresh decline. A downside break below the $0.1600 support and the 100 hourly simple moving average might also spark bearish moves.
As analysts predict, the next support for the Ripple price is near the $0.1550 level, below which the price is likely to dive towards the $0.1440 support area in the near term.
Meanwhile, the coming altcoin news show that the biggest gainer in the top 10 today is Bitcoin Cash (BCH), which rose by 2.32% to a new price of $223. The second best performer is the 10th placed Tezos (XTZ) which added 1.66% and is now trading at a price of $12.32.
- Hourly MACD – The MACD for XRP/USD is currently adding up momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now rising and heading towards the 60 level.
- Major Support Levels – $0.1600, $0.1580 and $0.1550.
- Major Resistance Levels – $0.1640, $0.1650 and $0.1700.
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