The XRP news today show that the second largest altcoin by market cap is showing decent signs of a recovery above $0.14 against the US dollar. As such, the Ripple price is eyeing a bullish break but needs to align to the support base that is forming near the $0.14 area.
Also, we can see that XRP is facing a couple of key hurdles near $0.1620 and $0.1650 against the US dollar. Ever since it crumbled towards the $0.1150 area, the Ripple price is eyeing a new break and started an upside correction. It managed to recover and go above the $0.1250 and $0.1400 resistance levels in order to start a decent recovery.
There was also a clear break above the 23.6% Fib retracement level of the main drop from the $0.2102 high to the $0.1166 low. However, the price of XRP is facing a strong resistance near the $0.16 area and the 100 hourly simple moving average.
The 50% Fib retracement level of the main drop from the $0.2102 high to the $0.1166 low is also acting as a key hurdle for the bulls. There is also an important contracting triangle which we can see in the latest cryptocurrencies news, forming with resistance near $0.1650 on the hourly XRP/USD pair.
It seems like there is a major breakout zone forming near the $0.16 area. If we see an upside break above the $0.1620 and $0.1650 resistance levels, there could be chances of a strong rise in the near term. The next key resistance after this is near the $0.1750 area, plus the 61.8% Fib retracement level of the main drop from the $0.2102 high to the $0.1166 low.
So, as Ripple price is eyeing new bullish territory, it needs to clear the $0.14 resistance first. If that is done, it could start a rise towards $0.15 and then $0.16. But if the bears hold it back and prevent it from making new gains, it is likely that XRP may visit a low of $0.11 again and new downsides towards this level.
The current technical indicators are as following:
- Hourly MACD – The MACD for XRP/USD is currently gaining some speed in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still positioned under the 50 level.
- Major Support Levels – $0.1450, $0.1400 and $0.1380.
- Major Resistance Levels – $0.1600, $0.1620 and $0.1650.
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