- Ripple price is moving higher above the $0.38 level against the US dollar.
- The price is now trading above $0.380 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.3820 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could gain bullish momentum if it clears the $0.4080 resistance zone in the near term.
Ripple price is rising steadily above $0.380 against the US Dollar, unlike bitcoin. XRP price must clear $0.408 to continue higher in the coming sessions.
Ripple Price Analysis
After forming a base near the $0.3400 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3650 resistance zone.
The price even broke the $0.3800 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 $0.4000 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.4080. The next major resistance is near the $0.4200 level. A clear move above the $0.4200 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.4400 resistance.
Any more gains might send the price towards the $0.5000 resistance. An initial support on the downside is near the $0.3980 level. It is near the 23.6% Fib retracement level of the upward move from the $0.3666 swing low to $0.4078 high.
The next major support is near the $0.3820 level. There is also a key bullish trend line forming with support near $0.3820 on the 4-hours chart of the XRP/USD pair.
The trend line is near the 50% Fib retracement level of the upward move from the $0.3666 swing low to $0.4078 high. Any more losses could lead the price towards the $0.3700 level, below which the price might even test $0.3650.
Looking at the chart, ripple price is now trading above the $0.380 zone and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.4080 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 – $0.3980, $0.3820 and $0.370.
Key Resistance Levels – $0.4080 and $0.440.
