Ripple (XRP) Breaking This Single Level Will Spark a Sharp Rally
The upward move was strong as the price even surged above the $0.1580 resistance and the 100 hourly simple moving average. There was a break above the 76.4% Fib retracement level of the key drop from the $0.1620 high to $0.1444 low.
More importantly, there was a break above a major bearish trend line with resistance near $0.1520 on the hourly chart of the XRP/USD pair. Ripple is now trading near the last pivot zone at $0.1620.
If the bulls gain pace above the $0.1620 resistance zone, it could continue to rise in the near term. An immediate resistance is near the $0.1662 level. It coincides with the 1.236 Fib extension level of the key drop from the $0.1620 high to $0.1444 low.
Any further gains is likely to lead the price towards the $0.1700 resistance area in the coming sessions. The next major hurdle is seen near the $0.1720 level.
If ripple fails to continue above the $0.1620 resistance, it could start a fresh decline. An initial support is near the $0.1575 level and the 100 hourly simple moving average.
If the bulls fail to keep the price above the 100 hourly SMA, there is a risk of more losses below the $0.1550 support level. The next key support is near the $0.1520 level, below which it could revisit $0.1500.