Ripple price is rising steadily above $0.390 against the US Dollar, unlike bitcoin. XRP price must clear $0.416 to continue higher in the coming sessions.
Ripple Price Analysis
After forming a base near the $0.3700 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3800 resistance zone.
The price even broke the $0.3900 resistance and the 55 simple moving average (4-hours). The pair is now trading above the $0.400 resistance. It is also showing positive signs above $0.3900 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.4085. The next major resistance is near the $0.4160 level. A clear move above the $0.4160 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.4350 resistance.
Any more gains might send the price towards the $0.4800 resistance. An initial support on the downside is near the $0.3920 level. It is near the 50% Fib retracement level of the upward move from the $0.3655 swing low to $0.4164 high.
There is also a major bullish trend line forming with support near $0.3910 on the 4-hours chart of the XRP/USD pair. The next major support is near the $0.3775 level.
It is near the 76.4% Fib retracement level of the upward move from the $0.3655 swing low to $0.4164 high. Any more losses could lead the price towards the $0.3500 level, below which the price might even test $0.3350.
Looking at the chart, ripple price is now trading above the $0.390 zone and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.4160 resistance zone in the near term.
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 – $0.3920, $0.3775 and $0.350.
Key Resistance Levels – $0.4160 and $0.440.
Source: Read Full Article