- Ripple price gained pace and cleared the $0.3550 resistance against the US dollar.
- The price is now trading above $0.35 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.3600 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could rise steadily if it stays above the $0.3750 and $0.3670 support levels.
Ripple price is recovering above $0.3500 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3750 and $0.3670 to continue higher.
Ripple Price Analysis
After forming a base near the $0.3250 zone, ripple price started a fresh recovery against the US Dollar. The XRP/USD pair was able to clear the $0.3450 resistance zone.
The price even broke the $0.3550 resistance and the 55 simple moving average (4-hours). Besides, there was a break above a key bearish trend line with resistance near $0.3600 on the 4-hours chart of the XRP/USD pair.
The pair climbed above the $0.4000 resistance zone. A high was formed near $0.4095 before there was a downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $0.3260 swing low to $0.4095 high.
It is now trading above $0.355 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.3750 level.
The next major support is near the $0.3670 level. It is close to the 50% Fib retracement level of the upward move from the $0.3260 swing low to $0.4095 high. Any more losses could lead the price towards the $0.3550 level, below which the price might even test $0.3450.
On the upside, the price is facing resistance near $0.3850. The next major resistance is near the $0.400 level. A clear move above the $0.3850 and $0.4000 resistance zones might start a fresh increase. In the stated case, the price could even surpass the $0.425 resistance. Any more gains might send the price towards the $0.4500 resistance.
Looking at the chart, ripple price is now trading above the $0.3500 zone and the 55 simple moving average (4-hours). Overall, the price could rise steadily if it stays above the $0.3750 and $0.3670 support levels.
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 – $0.3750, $0.3670 and $0.3550.
Key Resistance Levels – $0.3850 and $0.4000.