- Ripple price overcame the resistance at $0.1750 but failed to clear the selling pressure at $0.1775.
- XRP/USD is trading between stacks of resistance and support areas; giving way for consolidation to take over.
Ripple price is exchanging hands above $0.1756 after breaking the resistance at $0.1750. The bullish action on Wednesday aimed for the seller congestion at $0.18. However, the buyers hit a wall at $0.1774. The tug of war between the bears and the bulls seems to be favoring the sellers. For instance, the existing trend is bearish and the RSI has slowed down the movement towards the overbought in the 1-hour timeframe.
Ripple price confluence levels
An observation of the confluence levels, clearly shows sideways trading could take center stage. In other words, Ripple price is dancing between stacks of resistance and support areas unlikely to be broken if the technical picture remains unchanged.
Glancing upwards from the market value, the first hurdle sits at $0.1785. This zone is home to various technical indicators including the previous high one-day, the Bollinger Band 1-hour upper curve and the Fibonacci 23.6% one-week. Although a break above this resistance could pull the price above $0.18, buyers must be ready to tackle the strongest resistance at $0.1877 as highlighted by the pivot point one-day resistance three, SMA 200 4-hour and the previous week high. Consequently, before an approach is made at $0.20, the resistance at $0.1969 must be brought down.
On the flip side, support seems to be in equal measure as resistance. The initial support target lies with $0.1749; converging the SMA 45-minutes, Fibo 23.6% one-day and the Bollinger Band 1-hour middle curve. If declines continue, buyers congested at $0.1731 will work hard to stop the losses. This zone highlights the SMA 100 1-hour and the Bollinger Band 4-hour middle. Other key levels to watch include $0.1694, $0.1657 and $0.1602.
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