Ripple Price Analysis: Ripple needs to break the 0.1660 level

• Ripple is trading over 10% higher on Thursday as positive sentiment creeps in.
• There is a decent resistance level the pair is currently flirting with.

XRP/USD 1-hour chart

Rippe has pushed higher on Thursday after a bout of positive sentiment rushed into the crypto market today. Although there has been a decent move today, traders must remember the trends on the higher timeframes are still negative. This makes long trades more dangerous but that does not mean you should avoid them altogether. Countertrend trading can work but risk parameters just have to be controlled slightly more.

Looking at the chart below, the resistance level of 0.1660 is being tested. This is the consolidation high and a break could be significant. The volume bars at the bottom are showing an increased interest in buying and this is considered a positive sign. On the hourly timeframe, another positive not is the fact the price has been making higher lows. If there is a break of the consolidation high then the next resistance level on the way up could be 0.1840 as it has been used a few times in the past

Additional levels