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