The price of XRP flirts with $0.1780 at the moment and Ripple is showing early signs of a fresh rally, but $0.18 is the key level to watch out for, according to many analysts. The XRP news today did not bring many changes – we can see the Ripple price consolidating above the $0.1720 support zone which was set against the US dollar.
As it stands, Ripple is slowly rising and XRP flirts with $0.1780 as it is currently trading above $0.1750 against the US dollar. The price of the coin is likely to face hurdles near $0.1780, $0.1800 and the 100 hourly SMA.
We can also see a major bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair as data from Kraken shows. After the downward spike which occurred in the latest cryptocurrencies news earlier this week when XRP went below $0.17, all of this is seen as a major relief for the investors behind the coin.
In fact, we can see how the XRP price started an upside correction and recovered above the $0.1720 resistance level. Here, the bulls were able to push the price above the $0.1780 resistance but struggled to clear $0.18 and the 100 hourly simple moving average.
This is why XRP flirts with $0.1780 now again and why it could breach this level as the day continues. Still, analysts have their targets at $0.18 as the most logical next step for the coin. A swing high was formed earlier near the $0.1798 level which again shows that XRP has the strength to go upwards.
On the other hand, we can also spot the formation of a bearish trend line forming with resistance near $0.176 on the hourly chart of the XRP/USD pair. If the bulls clear the trend line resistance, the coin’s price could rise towards $0.1800.
However, a successful daily close above the $0.1800 level is what many are betting on, and the 100 hourly simple moving average could definitely spark a fresh rally in the coming sessions. All in all, XRP flirts with the $0.1780 level and it needs to pass it sooner than later to attract new gains.
- Hourly MACD – The MACD for XRP/USD is again moving into the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is surging and it is nearing the 50 level.
- Major Support Levels – $0.1740, $0.1720 and $0.1680.
- Major Resistance Levels – $0.1780, $0.1800 and $0.1880.
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