Ripple Price Analysis: Bulls Eye Upside Break Above $0.4

Ripple price is recovering above $0.3750 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3720 and $0.3650 to continue higher.

Ripple Price Analysis

After forming a base near the $0.3550 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3750 resistance zone.

The price even broke the $0.3850 resistance and the 55 simple moving average (4-hours). XRP climbed above the $0.4000 resistance zone. A high was formed near $0.4090 before there was a downside correction. The price declined below the 50% Fib retracement level of the upward move from the $0.3260 swing low to $0.4090 high.

However, the bulls were active near the $0.3550 support. The 61.8% Fib retracement level of the upward move from the $0.3260 swing low to $0.4090 high acted as a support.

The price is now rising, and trading above $0.3650 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near $0.3890. The next major resistance is near the $0.400 level. A clear move above the $0.3890 and $0.4000 resistance zones might start a fresh increase.

In the stated case, the price could even surpass the $0.420 resistance. Any more gains might send the price towards the $0.4500 resistance. An initial support on the downside is near the $0.3750 level.

There is also a major bullish trend line forming with support near $0.3740 on the 4-hours chart of the XRP/USD pair. The next major support is near the $0.3550 level. Any more losses could lead the price towards the $0.3350 level, below which the price might even test $0.3200.

Ripple Price

Looking at the chart, ripple price is now trading above the $0.3650 zone and the 55 simple moving average (4-hours). Overall, the price could rise steadily if it stays above the $0.3720 and $0.3650 support levels.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Key Support Levels – $0.3750, $0.3670 and $0.3550.

Key Resistance Levels – $0.3890 and $0.4000.

Source: Read Full Article