Ripple (XRP) is Primed For a Rally And Only 1 Thing is Holding it Back 2020-03-26

Aayush Jindal

1 year ago

2 mins read

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Ripple is struggling to gain momentum above the $0.1640 and $0.1650 resistances against the US Dollar. XRP price must stay above the $0.1580 support to continue higher in the near term.

Ripple price is facing a lot of hurdles near the $0.1640 and $0.1650 levels against the US dollar.
The bulls could gain strong momentum if there is a clear break above $0.1650.
There is a major bullish trend line forming with support near $0.1600 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could trade in a range before the next major move either above $0.1650 or towards $0.1500.

Ripple Price is Consolidating

In the past few hours, ripple made a couple of attempts to surpass the $0.1640 and $0.1650 resistance levels. XRP price is currently consolidating in a range below $0.1650 and it seems to be setting up for the next move.

The recent low was near $0.1574 and the price is currently moving higher. There was a break above the $0.1600 level and the price is holding the 100 hourly simple moving average.

On the downside, there is a major bullish trend line forming with support near $0.1600 on the hourly chart of the XRP/USD pair. The current technical structure for ripple is positive as the price is trading above the 50% Fib retracement level of the downward move from the $0.1657 high to $0.1574 low.

An initial resistance on the upside is near the $0.1625 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.1657 high to $0.1574 low.

The main hurdles are still near $0.1640 and $0.1650 resistance levels. A successful break above the $0.1650 resistance could open the doors for a larger upward move in the coming sessions.

In the stated bullish case, the price is likely to surge towards $0.1700. Any further gains could lead the price towards the $0.1720 and $0.1750 levels.

Downside Break?

If ripple fails to clear the $0.1650 resistance, it could start a fresh decline. A downside break below the $0.1600 support and the 100 hourly simple moving average might spark bearish moves.

The next support is near the $0.1550 level, below which the price is likely to dive towards the $0.1440 support area in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 60 level.

Major Support Levels – $0.1600, $0.1580 and $0.1550.

Major Resistance Levels – $0.1640, $0.1650 and $0.1700.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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