Home CryptocurrencyAnalysis Why Bulls Could Aim for a Fresh Rally to $0.45

Why Bulls Could Aim for a Fresh Rally to $0.45

by SuperiorInvest

Ripple remained well above the $0.35 support against the US dollar. XRP price seems to be tracking a new rally towards the $0.45 level.

  • Ripple started a decent rally from the $0.32 support zone against the US dollar.
  • The price is now trading above $0.350 and the 100 simple moving average (4 hours).
  • On the 4-hour chart of XRP/USD (data source from Kraken), there was a break above the main bearish trend line with resistance near $0.374.
  • The pair could start a strong rally if it clears the $0.400 resistance zone.

Ripple Price Eyes Fresh Increase

After a strong decline, XRP ripple formed a base above the $0.320 zone against the US dollar. The price started a decent rally above the $0.335 and $0.340 resistance levels.

The bulls pushed the price above the 23.6% Fib retracement level on the move down from the $0.5099 swing high to the $0.3200 swing low. Additionally, there was a break above the major bearish trend line with resistance near $0.374 on the 4-hour chart of the XRP/USD pair.

XRP is steadily rising above the 100 simple moving average (4 hours) and breaking both bitcoin and ethereum. The price is now facing hurdles near $0.395 and $0.400. The first major resistance is near the $0.415 level.

The 50% Fib retracement level of the move down from the $0.5099 swing high to the $0.3200 swing low is also near the $0.415 level. A successful break of the $0.415 resistance can send the price towards the $0.450 resistance.

Source: XRPUSD on TradingView.com

Another key resistance is near the $0.465 level. Any further gains could send the price towards the $0.50 level in the coming days.

Dips supported in XRP?

If the ripple fails to clear the $0.415 resistance zone, it may slowly move lower. Initial downside support is near the $0.380 level and the 100 simple moving average (4 hours).

Another major support is near $0.345. If it breaks to the downside and closes below the $0.345 level, xrp price could extend losses. In the said case, the price could even fall below the $0.320 support.

Technical indicators

4-Hours MACD – The MACD for XRP/USD is now losing 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 – $0.380, $0.345 and $0.320.

Major resistance levels – $0.400, $0.415 and $0.450.

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