Ripple is showing signs of a decent recovery above $0.1400 against the US Dollar. XRP price could attempt to surpass the $0.1650 resistance and start a strong rise.
- Ripple price is facing a couple of key hurdles near $0.1620 and $0.1650 against the US dollar.
- A key support base seems to be forming near the $0.1400 area.
- There is an important contracting triangle forming with resistance near $0.1650 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might attempt to start a strong rise above the $0.1600 and $0.1650 resistance levels.
Ripple Price Forming Support Base
After crumbling towards the $0.1150 area, ripple started an upside correction. XRP price recovered above the $0.1250 and $0.1400 resistance levels to start a decent recovery.
There was a clear break above the 23.6% Fib retracement level of the main drop from the $0.2102 high to $0.1166 low. However, the price is facing a strong resistance near the $0.1600 area and the 100 hourly simple moving average.The 50% Fib retracement level of the main drop from the $0.2102 high to $0.1166 low is also acting as a key hurdle for the bulls. More importantly, there is an important contracting triangle forming with resistance near $0.1650 on the hourly of the XRP/USD pair.
It seems like there is a major breakout zone forming near the $0.1600 area. If there is an upside break above the $0.1620 and $0.1650 resistance levels, there are chances of a strong rise in the near term. The next key resistance is near the $0.1750 area, plus the 61.8% Fib retracement level of the main drop from the $0.2102 high to $0.1166 low.