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Ripple (XRP) Lacks Momentum But Here’s Why Bulls Are Comfortable

Altcoins 2020/03/31 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. Ripple Price 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. More Upsides? 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. Technical Indicators 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. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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