Ripple Price Analysis: XRP/USD Could Rise And Test $0.17
Ripple price is currently moving higher and trading above the $0.1400 resistance area. XRP to USD is likely to continue higher towards the 0.1640 and $0.1700 resistance levels.
Key Takeaways: XRP/USD
- Ripple price is slowly recovering from the $0.1280 support area against the US Dollar.
- XRP/USD traded above the $0.1450 resistance and a key bearish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also rising and it is now trading above the $5,000 pivot level.
Ripple Price Analysis
After a couple swing moves, ripple price declined again below the $0.1500 support level. XRP to USD traded below the $0.1400 and $0.1350 levels before the bulls appeared near the $0.1280 area.
Looking at the 2-hours chart, ripple price traded as low as $0.1274 and recently started an upside correction. There was a break above the $0.1300 and $0.1350 resistance levels. Besides, the price surpassed the 50% Fib retracement level of the last decline from $0.1641 to $0.1274.
Moreover, ripple price traded above the $0.1450 resistance and a key bearish trend line on the same chart. At the moment, the price is facing hurdles near the $0.1500 level and the 50 simple moving average (2-hours, purple).
The 61.8% Fib retracement level of the last decline from $0.1641 to $0.1274 is also acting as a key resistance for the bulls. If there is an upside break above the $0.1500 resistance and the 50 SMA, there are chances of a strong upward move.
The next resistance is near the $0.1555 level, above which the bulls are likely to aim a test of the $0.1680 and $0.1700 resistance levels in the near term.
Conversely, the price is likely to start a fresh decline below the $0.1450 support level. An initial support is near the $0.1420 level, below which the price is likely to continue lower towards the $0.1350 level. Any further losses may perhaps lead ripple towards the $0.1280 support level.
Overall, there are a few positive signs visible on the chart above $0.1400 and it seems like the bulls are likely to push the price towards $0.1680 or $0.1700.