The XRP news today show that the Ripple price is correcting its gains from the $0.1645 swing high against the US dollar. Right now, the bulls are in control and are looking to profit from further XRP dips.
Yesterday, we saw a slow and a steady increase in the price of XRP above the $0.1500 pivot area, which is when the altcoin gained traction and surpassed the $0.1550 and $0.1580 resistance levels.
This is how the bulls remained in action, resulting in a break which pushed Ripple’s token above the $0.1600 level and the 100 hourly simple moving average. This is when the price of the coin traded as high as $0.1645 and it is currently correcting its gains.
Initial support is now placed near the $0.1600 level, which is close to the 23.6% Fib retracement level of the recent upward move from the $0.1445 low to the $0.1645 high. The XRP dips before were even more attractive for bulls that decided to buy more of this coin and hope for better days ahead.
It seems like Ripple (XRP) remains well supported on the downside near the $0.1580 level. If we see a downside break below the $0.1580 levels, the price of this coin could correct lower towards the $0.1545 level in the near term.
Anyways, the 50% Fib retracement level of the recent upward move from $0.1445 low to the $0.1645 high is also near $0.1545 to act as a strong support. Any further losses could start a strong decline back towards the $0.1445 support area.
If the price of Ripple remains well bid above the $0.1580 level and the 100 hourly simple moving average, we could see a fresh increase on the way. In that manner, the immediate resistance is near the $0.1620 and $0.1640 levels. But for now, the XRP dips suggest that more action is coming.
A successful break above the $0.1650 is the ideal scenario many are looking for now – and one that would open the doors for a larger rally. The next resistance is near the $0.1700 level, above which the price might surge towards the $0.1800 and $0.1820 levels.
The technical indicators for Ripple in the altcoin news now are as following:
- Hourly MACD – The MACD for XRP/USD is currently in a loss of momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now correcting towards the 50 level.
- Major Support Levels – $0.1580, $0.1545 and $0.1500.
- Major Resistance Levels – $0.1620, $0.1640 and $0.1700.
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