- Ripple price declined recently from the $0.1880 resistance area against the US dollar.
- The price is now trading below $0.1700, but it is holding the key $0.1600 support.
- There is a key bullish trend line forming with support near $0.1605 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could only resume its upward move as long as it is above the $0.1600 support area.
Ripple price is holding a key uptrend support near $0.1600 against the US Dollar. XRP price is likely to continue higher towards the $0.1880 and $0.1920 resistance levels.
Ripple Price Analysis
This past week, there was a steady rise in ripple price above the $0.1600 resistance level against the US Dollar. XRP/USD traded above the $0.1750 resistance level and the 55 simple moving average (4-hours).
It even managed to climb above the $0.1800 resistance area. However, the $0.1880 level acted as a major hurdle for the bulls. A swing high was formed near the $0.1875 and the price recently corrected lower.
There was a break below the $0.1700 support area. Besides, there was a break below the 50% Fib retracement level of the upward move from the $0.1454 low to $0.1875 high.
At the outset, the $0.1600 support area is acting as a key support along with the 55 simple moving average (4-hours). The 61.8% Fib retracement level of the upward move from the $0.1454 low to $0.1875 high is also acting as a decent support.
More importantly, there is a key bullish trend line forming with support near $0.1605 on the 4-hours chart of the XRP/USD pair. The trend line holds the key, below which the price might struggle to stay above $0.1600.
Any further losses may perhaps lead ripple price back towards the $0.1500 support area. Conversely, the price is likely to start a decent increase above the $0.1700 and $0.1750 levels.
The main resistance is near the $0.1880 level, above which the bulls are likely to aim a test of the main $0.2000 hurdle in the coming sessions.
Looking at the chart, ripple price is showing a few bullish signs above the $0.1600 level. As long as there is no close below $0.1600, there are high chances of a strong rise towards the $0.2000 level.
4 hours MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is about to move back above the 50 level.
Key Support Levels – $0.1610, $0.1600 and $0.1500.
Key Resistance Levels – $0.1750 and $0.1880.