Ripple (XRP) is Showing Early Signs of Fresh Rally, But $0.18 is the Key

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Ripple is consolidating above the $0.1720 support zone against the US Dollar. XRP price seems to be preparing for a fresh rally, but it must surpass $0.1800 for a sustained upward move.

  • Ripple is slowly rising and it is currently trading above $0.1750 against the US dollar.
  • The price is likely to face hurdles near $0.1780, $0.1800, and the 100 hourly SMA.
  • There is a major bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh rally if there is a successful close above the $0.1800 resistance.

Ripple Price Could Rally Above $0.1800

After a downward spike below the $0.1700 level, ripple found support above $0.1680. XRP price started an upside correction and recovered above the $0.1720 resistance level.

The bulls were able to push the price above the $0.1780 resistance, but they struggled to clear the $0.1800 level and the 100 hourly simple moving average. A swing high was formed near $0.1798 before the pair started correcting lower.

It traded below the $0.1760 level, plus the 23.6% Fib retracement level of the upward move from the $0.1689 low to $0.1798 high. It is currently holding the $0.1720 support level and showing positive signs.

The 50% Fib retracement level of the upward move from the $0.1689 low to $0.1798 high is also a strong support at $0.1745. On the upside, the price is likely to face hurdles near $0.1780, $0.1800, and the 100 hourly SMA.

Ripple Price

Ripple price below $0.1800. Source: TradingView.com

There is also a major bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair. If the bulls clear the trend line resistance, the price could continue to rise towards the $0.1800 resistance.

A successful daily close above the $0.1800 level and the 100 hourly simple moving average could spark a fresh rally in the coming sessions.

More Losses in XRP?

If ripple price struggles to clear the $0.1780 and $0.1800 resistance levels, there is a risk of another decline. An initial support is near the $0.1740 level.

The main support is near the $0.1720 level, below which the price is likely to accelerate lower towards the $0.1680 and $0.1650 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising and it is approaching 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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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

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