- Ripple price started a fresh increase from the $0.300 zone against the US dollar.
- The price is now trading above $0.32 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.3430 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could rise steadily towards the $0.380 resistance or even $0.400.
Ripple price is recovering above $0.3200 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3200 and $0.3150 to continue higher.
Ripple Price Analysis
After forming a base near the $0.3050 zone, ripple price started a fresh recovery against the US Dollar. The XRP/USD pair was able to clear the $0.3250 resistance zone.
The price even broke the $0.3320 resistance and the 55 simple moving average (4-hours). There was a move above the 50% Fib retracement level of the downward move from the $0.3557 swing high to $0.3031 low. Besides, there was a break above a major bearish trend line with resistance near $0.3430 on the 4-hours chart of the XRP/USD pair.
The pair is now trading above the $0.3500 level and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near $0.3680.
The next major resistance is near the $0.3880 level. It is near the 1.236 Fib extension level of the downward move from the $0.3557 swing high to $0.3031 low. A clear move above the $0.3800 and $0.3880 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.400 resistance. Any more gains might send the price towards the $0.4200 resistance.
An initial support on the downside is near the $0.3450 level. The next main support is near the $0.3250 zone. Any more losses could lead the price towards the $0.3120 level, below which the price might even test $0.3060.
Looking at the chart, ripple price is now trading above $0.3400 and the 55 simple moving average (4-hours). Overall, the price could rise steadily towards the $0.380 resistance or even $0.400.
Technical indicators
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 above the 50 level.
Key Support Levels – $0.3450, $0.3250 and $0.3120.
Key Resistance Levels – $0.3680 and $0.3880.
