Ripple (XRP) Lacks Momentum But Here’s Why Bulls Are Comfortable
Altcoins2020/03/31 06:28 by Aayush Jindal
Ripple is up around 5% and it broke the $0.1700 resistance area against the US Dollar. XRP price is currently consolidating gains below the key $0.1750 resistance.
Ripple price is showing a few positive signs above the $0.1650 support against the US dollar.
The bulls are likely to gain strength if there is a break above the $0.1750 hurdle.
There was a break above yesterday’s key bearish trend line with resistance near $0.1690 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh decline if it fails to stay above the $0.1650 support area.
Ripple Price Consolidating Gains
After trading as low as $0.1620, ripple started a steady upward move. XRP price traded above the key $0.1650 and $0.1700 resistance levels to start a real recovery wave.
There was even a break above the $0.1720 resistance and the 100 hourly simple moving average. However, the bulls faced a strong resistance near the $0.1750 area. There was also a break above yesterday’s key bearish trend line with resistance near $0.1690 on the hourly chart of the XRP/USD pair.
A high is formed near $0.1758 and the price is currently consolidating gains. It broke the 23.6% Fib retracement level of the recent wave from the $0.1620 low to $0.1758 high. Ripple is now trading near the $0.1720 area and the 100 hourly SMA.
An initial support is near the $0.1680 level. It is close to the 50% Fib retracement level of the recent wave from the $0.1620 low to $0.1758 high.
The main support is near the $0.1650 level, below which the bulls are likely to lose control. In the mentioned bearish case, the price is likely to accelerate lower towards the $0.1620 support. Any further losses may perhaps lead the price towards $0.1500.
If ripple remains stable above the $0.1680 and $0.1650 support levels, there are chances of a decent increase. The first major resistance is near the $0.1750 level.
A clear break and close above the $0.1750 resistance could open the doors for more upsides. The next key resistance is near the $0.1850 and $0.1880 levels. Any further gains could start a strong rise towards the man $0.2000 resistance area.
Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently flat above the 50 level.
Major Support Levels – $0.1680, $0.1650 and $0.1620.
Major Resistance Levels – $0.1750, $0.1850 and $0.1880.
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