Ripple is rising steadily from the $0.1680 support area against the US Dollar. XRP price is likely to rally 3%-4%, similar to the recent move in bitcoin and Ethereum.
Ripple price is slowly gaining bullish momentum above the $0.1720 level against the US dollar.
The bulls are likely aiming an upside break above the $0.1780 and $0.1800 resistance levels.
There is a key 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 dip a few points, but it remains well supported near the $0.1720 level.
Ripple Price Could Rally Soon
Recently, there was a strong upward move in bitcoin and Ethereum, but ripple failed to follow in a similar fashion. XRP price traded as low as $0.1680 and climbed back above the 100 hourly simple moving average.
There was a steady rise above the $0.1720 resistance level. The bulls were able to surpass the 50% Fib retracement level of the recent decline from the $0.1784 high to $0.1680 low.
However, the price is still well below the $0.1780 weekly resistance area. There is also a key bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair.
Ripple is currently testing the trend line resistance at $0.1760. The 76.4% Fib retracement level of the recent decline from the $0.1784 high to $0.1680 low is also acting as a hurdle.
If there is a clear break above the trend line resistance, the bulls are likely to make another attempt to clear the $0.1780 resistance area. If they succeed, XRP price is likely to surge above the $0.1880 and $0.1920 levels. The next major resistance is near the $0.2000 level.
If ripple fails again to climb above the $0.1780 resistance, it could correct lower. An initial support on the downside is near the $0.1720 level and the 100 hourly simple moving average.
A bearish break below the $0.1720 support and the 100 hourly SMA may perhaps push the price below $0.1700. The next major support is near the $0.1680 level, below which the bears are likely to aim a test of the $0.1620 support area in the near term.
Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising towards the 60 level.
Major Support Levels – $0.1720, $0.1700 and $0.1620.
Major Resistance Levels – $0.1760, $0.1780 and $0.1880.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.