Ripple is steadily rising above the $0.380 resistance zone against the US dollar. XRP price could rise further if it clears the $0.4320 resistance zone.
- Ripple is currently rising above the $0.38 resistance zone against the US dollar.
- The price is now trading above $0.380 and the 100 simple moving average (4 hours).
- A key bullish trendline is forming with support near $0.3960 on the 4-hour chart of XRP/USD (data source from Kraken).
- The pair could strengthen further if there is a clear move above the $0.4320 resistance zone.
Ripple Price starts with constant growth
After forming a base above $0.32, XRP ripple started a steady rise against the US dollar. The price climbed above the $0.35 resistance zone and moved into the positive zone.
The bulls pushed the price above the $0.365 level and the 100 simple moving average (4 hours). The increase was such that the price of xrp even soared above the $0.40 level. It traded to a new yearly high of $0.4324 and is currently consolidating gains, similar to bitcoin.
The price is now trading above $0.380 and the 100 simple moving average (4 hours). A key bullish trend line is also forming on the 4-hour chart of XRP/USD with support near $0.3960. The pair is stable above the 23.6% Fib retracement level of the move up from the $0.3655 swing low to the $0.4324 high.
Source: XRPUSD on TradingView.com
Immediate resistance is near the $0.432 zone. Another key resistance is near the $0.45 level. A successful break of the $0.450 resistance can send the price towards the $0.480 resistance. Any further gains could send the price towards the $0.50 level in the coming sessions.
Dips Limited in XRP?
If the ripple fails to clear the $0.432 resistance zone, it could trigger a downward correction. Initial downside support is near the $0.416 level.
Another major support is near $0.400 and the trend line. It is near the 50% Fib retracement level of the upside move from the $0.3655 low to $0.4324 high. If it breaks to the downside and closes below the $0.40 level, xrp price could extend its losses. In the said case, the price could even fall below the $0.365 support.
Technical indicators
4-Hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.416, $0.400 and $0.392.
Major resistance levels – $0.432, $0.450 and $0.480.
