Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ripple is currently correcting higher from the $0.1810 support against the US Dollar. XRP price is now facing key barriers and it could reverse towards the $0.1650.
- Ripple price is up more than 2% and it is above the $0.1860 level against the US dollar.
- There are still many hurdles near the $0.1900 level and the 100 hourly simple moving average.
- There is a key connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could struggle to gain bullish momentum above the $0.1890 and $0.1900 resistance levels.
Ripple Price Facing Hurdles
Yesterday, we saw more losses in ripple below the $0.1850 level. XRP price traded to a new monthly low at $0.1812 and it is currently correcting higher.
There was a decent support base forming above the $0.1820 and $0.1840 levels. The price is now trading above the $0.1850 level, plus the 23.6% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low.
However, ripple price is now facing a strong resistance near the $0.1890 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low is also acting as a major hurdle for the bulls.
More importantly, there is a key connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair. The pair is likely to struggle near the $0.1890 and $0.1900 levels in the near term.
To move into a positive zone, the bulls need to gain pace above the $0.1920 level. The next key resistance is near the $0.1965 swing high, above which the price is likely to accelerate towards the $0.2000 level.
Reversal?
If ripple fails to continue above the 100 hourly SMA or the $0.1900 resistance, there are chances of a fresh decline in the coming sessions.
An initial support on the downside is near the $0.1850 level. The main support is near the $0.1810 and $0.1800 levels, below which the bears are likely to aim a test of the $0.1650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now sliding and it might break the 50 level.
Major Support Levels – $0.1850, $0.1810 and $0.1800.
Major Resistance Levels – $0.1890, $0.1900 and $0.1920.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
