XRP Gained Traction Towards $0.1640 And Is Still Correcting Lower

XRP gained traction towards the $0.1640 resistance region against the US and the XRP price is still correcting lower but the dips remain attractive for the bulls in the short term as we are reading in the following ripple price news.

The Ripple XRP price is currently correcting the gains from $0.1645 high against the US dollar and the bulls are getting back in control, likely to protect the $0.1580 support area. There is a key connecting bullish trend line that is forming at the $0.1580 on the hourly charts of the XRP/USD pair and the XRP price will remain above the $0.1580 support level in the short term.

XRP gained traction after the steady increase that we saw yesterday in the Ripple price above the $0.1500 pivot area. The XRP price gained a lot of traction and surpassed the $0.1550 and the $0.1580 resistance level. The bulls remain in action which is clear after the break above the $0.1600 level and the 100 hourly simple moving average. The price was trading high at $0.1645 and is correcting the gains. The initial support is getting close to the $0.1600 level and it is close to the 23 percent fib retracement level from the recent uptrend movement from the $0.1445 to the $0.1645 high. There is a key level connecting the bullish trend with the lines forming close to the $0.1580 on the hourly XRP price charts.

It seems that Ripple remains well supported on the downside close to the $0.1580 level and if there’s another downside break below the $0.1580 level, the price could even correct lower. The 50% fib retracement level of the upward move from the $0.1445 low to the $0.1645 high is clear to the $0.1545 which will serve as strong support. If more losses occur, there could be a strong decline back to the $0.01445 support zone. If the Ripple price remains above the $0.1580 level and the 100 hourly simple moving average, it could even start a fresh increase while the resistance will be near the $0.1620.

Another important break above the $0.1650 resistance for the Ripple XRP price, will likely open the doors for a faster rally since the next resistance will be close to the $0.1700 level after which the price could surge up to $0.18.