Ripple remained well above the $0.35 support against the US dollar. XRP price is seeing another rally towards the $0.45 level.
- Ripple started a decent rally from the $0.32 support area against the US dollar.
- The price is now trading above the $0.350 level and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $0.374 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could begin a strong rise if it breaks through the USD 0.400 resistance area.
Increase Ripple Price Eyes Fresh
After a heavy drop, Ripple’s XRP formed a support base above the $0.320 area against the US dollar. The price started a decent rise above the $0.335 and $0.340 resistance levels.
The bulls pushed the price above the 23.6% Fib retracement level of $0.5099 high and $0.3200 low. In addition, there was a break above a key bearish trendline with resistance near $0.374 on the 4-hour chart of the XRP/USD pair.
XRP is steadily rising above the 100 simple moving average (4 hours), outperforming both Bitcoin and Ethereum. The price is now facing hurdles near $0.395 and $0.400. The first major resistance is near the $0.415 level.
The 50% Fib retracement level of the downward move from $0.5099 swing high to $0.3200 swing low is also near $0.415. A successful break above the $0.415 resistance could send the price towards the $0.450 resistance.
Source: XRPUSD on TradingView.com
The next major resistance is near the $0.465 level. Any further gains could push the price towards the $0.50 level in the coming days.
Support for the decline of XRP?
If Ripple fails to clear the $0.415 resistance area, it is likely to correct lower. An initial support on the downside is near the $0.380 level and the 100 simple moving average (4 hours).
The next major support is near the $0.345 level. If there is a downside break and a close below the $0.345 level, xrp price could extend losses. In the said case, the price could even drop below the $0.320 support.
4am MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Main Support Levels – $0.380, $0.345 and $0.320.
The main resistance levels – $0.400, $0.415 and $0.450.