Ripple gained traction above $0.1550 and tested the $0.1640 resistance region against the US Dollar. XRP price is currently correcting lower, but dips remain attractive in the short term.
Ripple price is currently correcting gains from the $0.1645 swing high against the US dollar.
The bulls are in control and they are likely to protect the $0.1580 support area.
There is a key connecting bullish trend line forming with support near $0.1580 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price is likely to remain well bid above the $0.1580 and $0.1550 support levels in the near term.
Ripple Price is Correcting Gains
Yesterday, we saw a slow and steady increase in ripple above the $0.1500 pivot area. XRP price gained traction and surpassed the $0.1550 and $0.1580 resistance levels.
The bulls remained in action, resulting in a break above the $0.1600 level and the 100 hourly simple moving average. The price traded as high as $0.1645 and it is currently correcting gains.
An initial support is near the $0.1600 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $0.1445 low to $0.1645 high. Moreover, there is a key connecting bullish trend line forming with support near $0.1580 on the hourly chart of the XRP/USD pair.
It seems like ripple remains well supported on the downside near the $0.1580 level. If there is a downside break below the $0.1580 support level, the price could correct lower towards the $0.1545 level in the near term.
The 50% Fib retracement level of the recent upward move from the $0.1445 low to $0.1645 high is also near $0.1545 to act as a strong support. Any further losses may perhaps start a strong decline back towards the $0.1445 support area.
If ripple remains well bid above the $0.1580 level and the 100 hourly simple moving average, it could start a fresh increase. An immediate resistance is near the $0.1620 and $0.1640 levels.
A successful break above the $0.1650 resistance is likely to open the doors for a larger rally. The next resistance is near the $0.1700 level, above which the price might surge towards the $0.1800 and $0.1820 levels.
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting towards the 50 level.
Major Support Levels – $0.1580, $0.1545 and $0.1500.
Major Resistance Levels – $0.1620, $0.1640 and $0.1700.