Ripple is rising steadily above the $0.40 resistance zone against the US Dollar. XRP price could rise further if it clears the $0.410 resistance zone.
- Ripple is currently rising above the $0.40 resistance zone against the US dollar.
- The price is now trading above $0.40 and the 100 simple moving average (4-hours).
- There is a declining channel forming with resistance near $0.410 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if there is a clear move above the $0.410 resistance zone.
Ripple Price Remains Supported
After forming a base above $0.38, ripple’s XRP started a steady increase against the US Dollar. The price climbed above the $0.40 resistance zone to move into a positive zone, similar to bitcoin and ethereum.
The bulls pushed the price above the $0.42 level and the 100 simple moving average (4-hours). The increase was such that xrp price even climbed above the $0.43 level. It traded to a new yearly high at $0.4324 before there was a downside correction.
The price declined below the $0.40 level and tested $0.3850. A low is formed near $0.3861 and is currently rising. It is now trading above $0.40 and the 100 simple moving average (4-hours).
It is also trading above the 23.6% Fib retracement level of the recent decline from the $0.4329 swing high to $0.3861 low. An immediate resistance is near the $0.41 zone. There is also a declining channel forming with resistance near $0.410 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
The next key resistance is near the $0.422 level. A successful break above the $0.422 resistance might send the price towards the $0.450 resistance. Any more gains might send the price towards the $0.50 level in the coming sessions.
Dips Limited in XRP?
If ripple fails to clear the $0.41 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.3960 level.
The next major support is near $0.390. If there is a downside break and close below the $0.390 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.360 support.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.390, $0.360 and $0.320.
Major Resistance Levels – $0.410, $0.422 and $0.450.
