Ripple is slowly rising and it is currently trading above $0.1750 against the US dollar. The price is likely to face hurdles near $0.1780 and $0.1800.
There is a major bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair (data source from Kraken).
After a downward spike below the $0.1700 level, ripple found support above $0.1680. XRP price started an upside correction and recovered above the $0.1720 resistance level.
The bulls were able to push the price above the $0.1780 resistance, but they struggled to clear the $0.1800 level and the 100 hourly simple moving average. A swing high was formed near $0.1798 before the pair started correcting lower.
There is also a major bearish trend line forming with resistance near $0.1760 on the hourly chart of the XRP/USD pair. If the bulls clear the trend line resistance, the price could continue to rise towards the $0.1800 resistance.
A successful daily close above the $0.1800 level and the 100 hourly simple moving average could spark a fresh rally in the coming sessions.
If ripple price struggles to clear the $0.1780 and $0.1800 resistance levels, there is a risk of another decline. An initial support is near the $0.1740 level.
The main support is near the $0.1720 level, below which the price is likely to accelerate lower towards the $0.1680 and $0.1650 levels in the near term.
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