34 C
Dubai
Thursday, May 23, 2024
HomeAltcoin NewsRipple Price Analysis: Key Breakout Resistance At $0.43

Ripple Price Analysis: Key Breakout Resistance At $0.43

Date:

Related stories

  • Ripple price is moving higher above the $0.400 level against the US dollar.
  • The price is now trading above $0.400 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.4120 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could gain bullish momentum if it clears the $0.4300 resistance zone in the near term.

Ripple price is rising steadily above $0.400 against the US Dollar, unlike bitcoin. XRP price must clear $0.430 to continue higher in the coming sessions.

Ripple Price Analysis

After forming a base near the $0.3950 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.4000 resistance zone.

The price even broke the $0.4080 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 $0.4120 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near $0.4150. It is near the 50% Fib retracement level of the recent decline from the $0.4329 swing high to $0.3977 low.

The next major resistance is near the $0.4200 level. It is near the 61.8% the 50% Fib retracement level of the recent decline from the $0.4329 swing high to $0.3977 low. A clear move above the $0.4200 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.4320 resistance.

Any more gains might send the price towards the $0.4880 resistance. An initial support on the downside is near the $0.4120 level.

There is also a key bullish trend line forming with support near $0.4120 on the 4-hours chart of the XRP/USD pair. The next major support is near the $0.4000 level. Any more losses could lead the price towards the $0.3880 level, below which the price might even test $0.3700.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading above the $0.400 zone and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.430 resistance zone in the near term.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Key Support Levels – $0.4120, $0.4000 and $0.3880.

Key Resistance Levels – $0.4200 and $0.432.

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

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories