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HomeAltcoin NewsRipple Price Analysis: XRP Could Rally Sharply Above $0.4100

Ripple Price Analysis: XRP Could Rally Sharply Above $0.4100

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  • Ripple price traded to a new monthly low at $0.3750 before correcting higher against the US dollar.
  • The price is facing a couple of important hurdles near $0.4000 and $0.4100.
  • There is a declining channel in place with resistance near $0.4020 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The price is likely to start a strong upward move once it clears $0.4100 and $0.4275 in the near term.

Ripple price is facing a lot of key resistances below $0.4100 against the US Dollar. XRP remains supported on dips and it could rise sharply above $0.4100 and $0.4150.

Ripple Price Analysis

This past week, there were a few bearish moves in bitcoin, Ethereum, bitcoin cash, ADA and ripple against the US Dollar. The XRP/USD pair struggled to stay above the $0.3910 and $0.3840 support levels. As a result, there was a downside extension below $0.3800 and the price settled below the 55 simple moving average (4-hours). It traded to a new monthly low at $0.3750 before correcting higher.

It recovered above the $0.3850 and $0.3910 resistance levels. Moreover, there was a push above the $0.4000 resistance. However, the price failed near the $0.4100 resistance and struggled to settle above the 55 simple moving average (4-hours). A swing high was formed near $0.4101 and the price is currently consolidating in a range. It traded below the 50% Fib retracement level of the last wave from the $0.3750 low to $0.4101 high.

However, the $0.3880 level is acting as a support. Moreover, the 61.8% Fib retracement level of the last wave from the $0.3750 low to $0.4101 high is holding downsides. At the moment, there is a declining channel in place with resistance near $0.4020 on the 4-hours chart of the XRP/USD pair. If the pair surpasses the channel resistance and $0.4050, it could gain bullish momentum.

On the upside, the main resistance is near the $0.4100 level, above which the price is likely to test the $0.4272 resistance area. On the other hand, if there is a downside break, the price could revisit the $0.3750 support area. Any further downsides may perhaps increase bearish pressure and the price might slide towards the $0.3500 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently consolidating in a range and it seems to be preparing for an upside break above $0.4050 and $0.4100. Once the bulls gain pace above $0.4100, there could be a strong upward move.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with positive signs.

Key Support Levels – $0.3880, $0.3750 and $0.3500.

Key Resistance Levels – $0.4100 and $0.4275.

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.

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