Ripple (XRP) Price and Time: Another Key Breakout Is Looming
The decline was such that the price traded below the $0.1320 support level. A new weekly low is formed near the $0.1279 and the price is currently correcting higher.
It surpassed the $0.1320 resistance level and climbed nicely above the 50% Fib retracement level of the recent decline from the $0.1645 high to $0.1279 low. However, the $0.1500 level seems to be acting as a resistance along with the 100 hourly simple moving average.
Ripple is also facing hurdles near the 61.8% Fib retracement level of the recent decline from the $0.1645 high to $0.1279 low. The main resistance on the upside is near the $0.1600 level.
There is also a key bearish trend line forming with resistance near $0.1600 on the hourly chart of the XRP/USD pair. To start a strong upward move, the price must overtake the $0.1600 and $0.1650 resistance levels.
The main hurdle is near the $0.1700 level, above which the bulls are likely to take control. The next stop for them could be the $0.1980 level in the near term.
If ripple fails to continue above the $0.1600 resistance area, it could start another decrease. An initial support is near the $0.1435 level and a connecting bullish trend line on the same chart.
A successful break below the $0.1435 and $0.1400 support levels might start another decrease in the coming sessions. The next major support is near the $0.1320 level, below which the bears are likely to aim a test of the $0.1200 support.