31.5 C
Dubai
Monday, May 27, 2024
HomeAltcoin NewsRipple Price Analysis: Bulls In Control Above $0.38

Ripple Price Analysis: Bulls In Control Above $0.38

Date:

Related stories

  • Ripple price is moving higher above the $0.385 level against the US dollar.
  • The price is now trading above $0.385 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.3910 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could gain bullish momentum if it clears the $0.4160 resistance zone in the near term.

Ripple price is rising steadily above $0.390 against the US Dollar, unlike bitcoin. XRP price must clear $0.416 to continue higher in the coming sessions.

Ripple Price Analysis

After forming a base near the $0.3700 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3800 resistance zone.

The price even broke the $0.3900 resistance and the 55 simple moving average (4-hours). The pair is now trading above the $0.400 resistance. It is also showing positive signs above $0.3900 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near $0.4085.  The next major resistance is near the $0.4160 level. A clear move above the $0.4160 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.4350 resistance.

Any more gains might send the price towards the $0.4800 resistance. An initial support on the downside is near the $0.3920 level. It is near the 50% Fib retracement level of the upward move from the $0.3655 swing low to $0.4164 high.

There is also a major bullish trend line forming with support near $0.3910 on the 4-hours chart of the XRP/USD pair. The next major support is near the $0.3775 level.

It is near the 76.4% Fib retracement level of the upward move from the $0.3655 swing low to $0.4164 high. Any more losses could lead the price towards the $0.3500 level, below which the price might even test $0.3350.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading above the $0.390 zone and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.4160 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 – $0.3920, $0.3775 and $0.350.

Key Resistance Levels – $0.4160 and $0.440.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

Latest stories