Ripple is facing a strong resistance near the $0.1500 region against the US Dollar. However, XRP price remains well supported above $0.1400 and it could soon start an increase towards $0.1700.
- Ripple price is trading in a key range above the $0.1400 support level against the US dollar.
- There are a few key hurdles forming near the $0.1500 and $0.1550 levels.
- There is a major contracting triangle forming with resistance near $0.1485 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to accelerate higher once it clears the $0.1485 and $0.1500 resistance levels.
Ripple Price is Stuck in a Range
In the past few sessions, ripple remained well bid above the $0.1320 and $0.1400 support levels. XRP price recovered further and climbed above the $0.1450 level.
The bulls even pushed the price above the $0.1500 level, but they failed to gain strength. The price topped near the $0.1549 level and it remained below the 100 hourly simple moving average. There were mostly contracting range moves below the $0.1500 and $0.1550 resistance levels. Besides, ripple price tested the 50% Fib retracement level of the recovery wave from the $0.1280 low to $0.1549 high. It seems like there is a major contracting triangle forming with resistance near $0.1485 on the hourly of the XRP/USD pair. On the upside, there is a key resistance forming near $0.1485 and the 100 hourly SMA.
A successful break above the $0.1485 level and then a follow through above $0.1500 might open the doors for a decent upward move. The next resistance is near the $0.1550 level, above which the price is likely to test the main $0.1700 resistance area.