Ripple is steadily rising above the $0.40 resistance zone against the US Dollar. XRP price could rise further if it breaches 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).
- A declining channel is forming with resistance near $0.410 on the 4-hours chart of the XRP/USD pair (data feed from Kraken).
- The pair could start another rally 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 began a steady rise against the US dollar. The price rose above the $0.40 resistance zone to move into a positive zone, similar to bitcoins Y ethereal.
The bulls pushed the price above the $0.42 level and the 100 simple moving average (4-hours). The rise was such that the xrp price even broke above the $0.43 level. It traded to a new yearly high of $0.4324 before there was a downside correction.
The price fell below the $0.40 level and tested $0.3850. A low forms 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% Fibonacci retracement level of the recent drop from the $0.4329 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.
Font: XRPUSD on TradingView.com
The next key resistance is near the $0.422 level. A successful break above the $0.422 resistance could send the price looking towards the $0.450 resistance. More gains could send the price looking towards the $0.50 level over the next few sessions.
Limited dips in XRP?
If the ripple fails to clear the $0.41 resistance zone, a correction to the downside could begin. An initial support on the downside is near the $0.3960 level.
The next major support is near $0.390. If there is a break down and it closes below the $0.390 level, xrp price could extend the losses. In the indicated case, the price could even dip below the $0.360 support.
4 Hours MACD – The MACD for XRP/USD is now picking up 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.