Ripple is started a decent recovery from the $0.1280 support zone against the US Dollar. XRP price is likely to surpass the $0.1500 resistance and trade towards the $0.1700 resistance.
- Ripple price is showing a few positive signs above the $0.1400 level against the US dollar.
- It is currently testing a major resistance zone near the $0.1500 level.
- There is a short term breakout pattern forming with resistance near $0.1500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could either continue higher towards the $0.1700 resistance or retreat back to $0.1300.
Ripple Price is Testing Key Resistance
After trading close to the $0.1280 support, ripple started a decent recovery. XRP price broke the $0.1380 and $0.1400 resistance levels to move into a short term positive zone.
The price even climbed above the $0.1500 resistance and the 100 hourly simple moving average. It traded as high as $0.1546 and recently corrected lower. There was a break below the 23.6% Fib retracement level of the upward move from the $0.1281 low to $0.1546 high.If there is an upside break above the $0.1500 resistance, the price is likely to accelerate higher. The next resistance is near the $0.1550 zone, above which the bulls are likely to aim a test of the $0.1650 and $0.1700 resistance levels in the near term. Any further gains could lead the price towards the $0.2000 barrier.