Ripple price is trading in a positive zone above $0.3500 against the US Dollar. XRP price is likely eyeing a fresh rally if it clears the $0.4400 resistance zone.
Ripple Price Analysis
After a strong rally, ripple price started a downside correction below the $0.5000 level against the US Dollar. The XRP/USD pair even traded below the $0.4500 support level and the 55 simple moving average (4-hours).
However, the price remained well bid near the $0.3500 level. A low was formed near $0.3442 before the price started an upside correction. There was a break above the $0.4000 resistance level. The price is now struggling near the 23.6% Fib retracement level of the downward move from the $0.7525 high to $0.3442 low.
It is now trading near the $0.4300 zone and the 55 simple moving average (4-hours). There is also a key declining channel forming with resistance near $0.4300 on the 4-hours chart of the XRP/USD pair.
If there is an upside break above the channel resistance, the pair could rise towards $0.4500 and $0.4600. The next major resistance is near the $0.5000 level. Any more gains could lead the price towards $0.5500. It is close to the 50% Fib retracement level of the downward move from the $0.7525 high to $0.3442 low.
Conversely, the price could correct lower below $0.4200. An initial support is near the $0.4000 level or the channel lower trend line. The next major support is near the $0.3800 level, below which the price could test the key $0.3500 support zone.
Looking at the chart, ripple price is clearly trading well above the $0.3500 pivot level and the 55 simple moving average (4-hours). Overall, the price could accelerate higher once it clears the $0.4300 and $0.4400 resistance levels.
4 hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now close to the 50 level.
Key Support Levels – $0.4000, $0.3800 and $0.3500.
Key Resistance Levels – $0.4400 and $0.5000.
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