Ripple is struggling to gain momentum above the $0.1640 and $0.1650 resistances against the US Dollar. XRP price must stay above the $0.1580 support to continue higher in the near term.
- Ripple price is facing a lot of hurdles near the $0.1640 and $0.1650 levels against the US dollar.
- The bulls could gain strong momentum if there is a clear break above $0.1650.
- There is a major bullish trend line forming with support near $0.1600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could trade in a range before the next major move either above $0.1650 or towards $0.1500.
Ripple Price is Consolidating
In the past few hours, ripple made a couple of attempts to surpass the $0.1640 and $0.1650 resistance levels. XRP price is currently consolidating in a range below $0.1650 and it seems to be setting up for the next move.
The recent low was near $0.1574 and the price is currently moving higher. There was a break above the $0.1600 level and the price is holding the 100 hourly simple moving average.
On the downside, there is a major bullish trend line forming with support near $0.1600 on the hourly chart of the XRP/USD pair. The current technical structure for ripple is…
To read the entire article click here
Author: Aayush Jindal