The Ripple cryptocurrency and its latest movement is in the XRP news today, signalling a stable rise above $0.14 and a potential increase to $0.17 which could be in the books soon if all goes well. XRP is consolidating in the past few sessions and remained well bid above the $0.1320 and $0.1400 support levels. After this, it recovered further and climbed above the $0.1450 level.
The bulls behind XRP even pushed the price above the $0.1500 level, but failed to gain strength. The price of XRP is consolidating and topped near the $0.1549, remaining well below the 100 hourly simple moving average.
There have been a lot of attempts for Ripple’s XRP token to increase its price. XRP even tested the 50% Fib retracement level of the recovery wave from the $0.1280 low to the $0.1549 high. It seems like there is a major contracting triangle forming with resistance near $0.1485 on the hourly chart of the XRP/USD pair. The good news is that on the upside, there is a key resistance that is forming near $0.1485 and the XRP price could soon break above it.
A successful break above this level can show that XRP is consolidating further – and might open the doors for a decent upward move. The next resistance is positioned near the $0.1550 level, above which the price is likely to test the main $0.1700 resistance area.
If Ripple’s XRP price fails to surpass the $0.1485 and $0.1500 resistance levels, it could initiate a downside break. In a scenario like that one, the first key support is near the $0.1400 level. The next key support would be at the $0.1384 level. After that, we can see the 61.8% Fib retracement level of the recovery wave from the $0.1280 low to the $0.1549 high.
As XRP is consolidating, the next support is at the $0.1384 level (and around it). If we see a downside break below the $0.1384 level, there is a risk of a larger decline in the coming sessions. All in all, the next major support is seen near the $0.1300 and $0.1285 levels.
The technical indicators in the coming altcoin news for XPR are as following:
- Hourly MACD – The MACD for XRP/USD is right now without any major bullish signs.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now surging and being close to the 50 level.
- Major Support Levels – $0.1400, $0.1384 and $0.1300.
- Major Resistance Levels – $0.1485, $0.1500 and $0.1550.
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