Ripple price is trading with a bullish angle above the $0.1560 resistance area. XRP to USD is likely to continue higher towards the 0.1700 and $0.1735 resistance levels.
Key Takeaways: XRP/USD
- Ripple price is currently rising from the $0.1450 support area against the US Dollar.
- XRP/USD is currently following a contracting triangle with resistance near $0.1660 on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is also rising and it is now trading above the $6,550 resistance level.
Ripple Price Analysis
After retesting the $0.1450 support area, ripple price started a decent increase. XRP to USD gained pace and broke the key $0.1500 and $0.1550 resistance levels to move into a positive zone.
Looking at the 2-hours chart, ripple price remained well bid above the $0.1550 level and the 50 simple moving average (2-hours, purple). Besides, there was a break above the 50% Fib retracement level of the key drop from $0.1760 to $0.1447.
It seems like ripple price is now following a contracting triangle with resistance near $0.1660 on the same chart. An initial resistance is near the $0.1640 level.
The 61.8% Fib retracement level of the key drop from $0.1760 to $0.1447 is also near the $0.1640 level to act as a resistance zone. If there is a break above the $0.1640 and $0.1660 resistance levels, the price could continue to rise in the coming sessions.
The next resistance is near the $0.1700 level, above which the bulls are likely to aim a test of the $0.1735 pivot level in the near term.
Conversely, ripple could fail to continue above the $0.1660 resistance level. In the mentioned case, the price could test the triangle support at $0.1600. If there is a downside break below the $0.1600 support is likely to accelerate its decline towards the $0.1520 level.
Any further losses may perhaps start an extended decline towards the $0.1450 support area. Overall, the current price action is positive above the $0.1600 level, but the price must break the $0.1660 level to set the stage for an extended rise in the coming sessions.