Ripple’s Token Is Ready For A Price Rally After Gaining Momentum

Ripple’s token is still struggling to gain momentum above the $0.1640 but it seems that the Ripple XRP price has to stay above the $0.1580 in order to increase higher in the near term as we are reading in the following xrp news.

The Ripple XRP price is facing a lot of issues close to the $0.1640 resistance levels against the US dollar. The bulls are aiming for a strong momentum if another clear break above the $0.1650 happens. There is a major bullish trend line that is forming with the support close to the $0.1600 on the hourly charts of the XRP/USD pair. The price could even trade in a range before the next big move above $0.1650 comes.

Ripple’s Token made a few attempts in the past to surpass the $0.1640 resistance level and the price is now consolidating in the range below the same level. XRP seems to be setting up for the next move. The recent lows coming near the $0.1574 only show that the price is correcting higher. There was a break above the $0.1600 level and the price is also holding the 100 hourly simple moving average.

Looking at the downside, there is a huge bullish trend line forming close to the support of $0.1600 on the charts. The current technical structure for Ripple is quite positive as the price is trading above the 50% Fib retracement level of the downtrend move to the $0.1675 high to the $0.1574 low. The initial resistance on the upside is close to the $0.1625 level and the price close to the 61.8% Fib retracement level of the downward move. The main issues can still be found at the $0.1640 level but a successful break above this level could even open the doors for a bigger upward move in the upcoming sessions.

In the bullish trends, the price will likely surge to $0.1700 and further gains could lead the price to the $0.1720 and $0.1750 levels. If the ripple xrp price fails to clear the $0.1650 resistance, there could be another decline for it.  The next support for XRP will be at $0.1550 below which the price could dive towards the $0.1400 support area in the short term.