Ripple Price Lacks Momentum But XRP Bulls Are Comfortable

After trading in the lows of $0.1620 in the cryptonews yesterday, The Ripple XRP price started a steady upward move as the day went by and traded above the key $0.1650 and $0.1700 resistance levels, initiating a new recovery wave. Currently, the Ripple price lacks momentum to continue and go above $0.1800, but is comfortable in the region above $0.1730.

We could see the break above the $0.1720 resistance and the 100 hourly moving average as one that was crucial for the cryptocurrency. However, the bulls faced a strong resistance near the $0.1750 area. We could also see a break above the yesterday key bearish trend line with resistance near $0.1690 on the hourly chart of the XRP/USD pair.

Currently, the Ripple price lacks momentum to post double-digit gains. A high was formed near $0.1758 which now acts as the main resistance level while the price is consolidating the gains. As we could see, the XRP price broke the 23.6% Fib retracement level of the recent wave from the $0.1620 low to the $0.1758 high. Ripple’s token is now trading near the $0.1720 area and the 100 hourly SMA.

An initial support was driven near the $0.1680 level where the current support stands. The altcoin news and rumors show that the recent rally was inspired by Bitcoin and its stability. For now, we can only see that the market is solid and now two days in the green zones.

The main support for the Ripple price, however, is near the $0.1650 level, below which the bulls are very likely to lose control. In the mentioned bearish case, the XRP price is likely to accelerate lower towards the $0.1620 support. Any further losses may also contribute to this downfall scenario and lead the price to lows of $0.1500.

Even though Ripple lacks momentum now, a clear break and close above the $0.1750 would mean a lot for XRP investors. If the cryptocurrency remains stable above the $0.1680 and $0.1650 support levels, this could happen and there could be chances of a decent increase soon. The first major resistance is obviously near the $0.1750 level which is close from the current price of Ripple.

The technical indicators are as following:

• Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now flat and positioned above the 50 level.
• Major Support Levels – $0.1680, $0.1650 and $0.1620.
• Major Resistance Levels – $0.1750, $0.1850 and $0.1880.