- Ripple price is slowly moving higher above the $0.35 level against the US dollar.
- The price is now trading above $0.3400 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.3410 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could gain bullish momentum if it clears the $0.3560 resistance zone in the near term.
Ripple price is rising steadily above $0.340 against the US Dollar, unlike bitcoin. XRP price must clear $0.356 to continue higher in the coming sessions.
Ripple Price Analysis
After forming a base near the $0.3320 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3380 resistance zone.
The price even broke the $0.3400 resistance and the 55 simple moving average (4-hours). There was also a break above a key bearish trend line with resistance near $0.3410 on the 4-hours chart of the XRP/USD pair. The pair is now trading above the 61.8% Fib retracement level of the downward move from the $0.3727 swing high to $0.3013 low.
It is now trading above $0.3400 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near $0.3560. It is near the 76.4% Fib retracement level of the downward move from the $0.3727 swing high to $0.3013 low.
The next major resistance is near the $0.3720 level. A clear move above the $0.3720 resistance zone might start a fresh increase. In the stated case, the price could even surpass the $0.3800 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 major support is near the $0.3400 level and the 55 simple moving average (4-hours). Any more losses could lead the price towards the $0.3320 level, below which the price might even test $0.3050.
Looking at the chart, ripple price is now trading above the $0.3400 zone and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.3560 resistance zone in the near term.
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, $0.3400 and $0.3320.
Key Resistance Levels – $0.3560 and $0.3720.
