38.5 C
Dubai
Sunday, May 26, 2024
HomeAltcoin NewsRipple Price Analysis: XRP Poised for Bullish Break Above $0.40

Ripple Price Analysis: XRP Poised for Bullish Break Above $0.40

Date:

Related stories

  • Ripple price is currently consolidating above the $0.3400 support with bullish moves against the US dollar.
  • There is a major contracting triangle formed with resistance at $0.3820 on the 4-hours chart of the XRP/USD pair (data source from Poloniex).
  • The pair is likely to break the triangle resistance and $0.3950 for more gains in the near term.

Ripple price is trading with a bullish bias above $0.3400 against the US Dollar. XRP could gain bullish momentum above $0.4000 once there is a break above $0.3820.

Ripple Price Analysis

After a significant drop, ripple price found support near the $0.3400 level against the US Dollar. The XRP/USD pair traded as low as $0.3396 and later started a decent recovery. It moved above the $0.3500 and $0.3600 resistance levels. Besides, there was a break above the $0.3800 level and the 55 simple moving average (4-hours). The price even broke the 23.6% Fib retracement level of the downside move from the $0.4664 high to $0.33950 low.

However, the upside move was capped by the $0.4000 resistance area. Buyers even failed to test the 50% Fib retracement level of the downside move from the $0.4664 high to $0.33950 low. Later, the price declined a few points below $0.3800 and started trading in a range. At the outset, there is a major contracting triangle formed with resistance at $0.3820 on the 4-hours chart of the XRP/USD pair. The pair needs to break the $0.3820 resistance to set the pace for more gains. The next resistance is at $0.3950, above which the price could clear the $0.4000 barrier. Finally, above $0.4000, the price may test $0.4180 and the 61.8% Fib retracement level of the downside move.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly preparing for the next key break either above $0.3820 or below $0.3620. If there is a downside break below $0.3620 and $0.3600, the price could drop to the $0.3400 support.

Technical indicators

4-hours MACD – The MACD for XRP/USD is slightly placed in the bearish zone, with a flat structure.

4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 53 level.

Key Support Level – $0.3600

Key Resistance Level – $0.3820

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