Ripple started a strong rise above the $0.350 resistance level against the US Dollar. XRP price is now trying to break above the $0.380 resistance area.
- Ripple started a fresh rise above the key $0.320 support area against the US Dollar.
- The price is now trading below $0.400 and the 100 simple moving average (4-hours).
- A major bearish trend line is forming with resistance near $0.380 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a strong rise if it clears the $0.38 resistance area.
Ripple Price Starts New Growth
After a sharp decline, Ripple’s XRP found support near $0.320 against the US Dollar. The bears made two attempts to push the price below the $0.32 support level, but they were unsuccessful.
A recent low was formed near $0.32 before a fresh rise. XRP price climbed over 15% and cleared the $0.35 resistance area, outperforming Bitcoin and Ethereum. The price climbed above the 23.6% Fib retracement level of the decline from $0.5099 high to $0.3200 low.
There was an upward move in the price above the $0.360 resistance level. However, it is now trading below $0.400 and the 100 simple moving average (4-hours). It is now facing hurdles near $0.380. There is also a major bearish trend line forming with resistance near $0.380 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
A successful break above the $0.380 and $0.385 resistance levels could lead to another rally. The next major resistance is near the $0.415 level. It is near the 50% Fib retracement level of the downside bias from the $0.5099 high high to $0.3200 low. Any further gains could send the price towards the $0.44 level.
Dips Limited in XRP?
If Ripple fails to clear the $0.380 resistance area, it could start a downside correction. On the downside, an initial support is near the $0.365 level.
The next major support is near $0.342. If there is a downside break and closes below the $0.342 level, xrp price could extend losses. In the specified case, the price could even decline below the $0.320 support level.
4-hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $0.365, $0.342 and $0.320.
Major resistance levels – $0.380, $0.385 and $0.415.