Ripple’s Price Trend Shows Another Key Breakout Looming

Ripple’s price trend shows a new resistance level at $0.1200 and $0.1300 support levels against the US dollar and the price seems to be aiming a new key break above the $0.1600 resistance area as we are reading in the ripple price news.

The ripple price is now recovering from the $0.1279 low against the US and is trading above the $0.1400 resistance area but is facing a few key hurdles. There is another key bearish trend line forming at a level of $0.1600 on the hourly charts of the XRP/USD pair and the ripple price shows a strong upward move if it can clear the previous price level and the $0.1700 resistance levels. We saw another decline in ripple yesterday from the $0.1645 high and the XRP price broke a few support levels at $0.1500 before settling well below the 100 hourly simple moving average. The price drop was such that the price traded below the $0.1320 so the new weekly lows are forming close to the $0.1279 price range while the price is correcting higher.

Ripple’s price trend surpassed the $0.1320 resistance level and it climbed above the 50 percent Fib retracement level from the previous decline to $0.1279. however, the $0.1500 level seems to be acting as a resistance along with the 100 hourly simple moving averages. Ripple is also having a hard time close to the 61 percent Fib Retracement level of the recent decline from the previous $0.1645 to $0.1279 low. The main resistance on the upside is close to the $0.1600 level.

There could be another key bearish trend line forming close to the resistance of the $0.1600 level on the hourly charts of the XRP/USD pair. To start a new strong movement to the upside, the price has to overtake the $0.1600 and $0.1650 resistance levels. The main hurdles are close to the $0.1700 levels which is a level where the bulls usually take control. The next stop for them could even be the $0.1980 level in the short term. If the Ripple price doesn’t manage to continue above the $0.1600 resistance area, it could start another drop and the initial support will be close to $0.1435 level while connecting a bullish trend line on the same charts.

A successful break below the $0.1435 and $0.1400 support levels could start another decrease in the upcoming session while the next major support lines stand at $0.1320 below which the bears will take it to the $0.1200 support.