Ripple Price Analysis: Key Rejection Near $0.4, Major Support Nearby

Ripple price is correcting gains from $0.4000 against the US Dollar, similar to bitcoin. XRP price must stay above $0.3400 and $0.3350 to continue higher.

Ripple Price Analysis

After forming a base near the $0.3215 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3500 resistance zone.

The price even broke the $0.3550 resistance and the 55 simple moving average (4-hours). Besides, there was a break above a key bearish trend line with resistance near $0.3300 on the 4-hours chart of the XRP/USD pair. XRP climbed above the $0.3850 resistance zone, but it faced sellers near the $0.4000 zone.

A high was formed near $0.3979 and the price started a sharp downside correction. There was a move below the 50% Fib retracement level of the upward move from the $0.3216 swing low to $0.3979 high.

It is now trading below $0.3500 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.3400 level. It is near the 76.4% Fib retracement level of the upward move from the $0.3216 swing low to $0.3979 high.

The next major support is near the $0.3335 level. Any more losses could lead the price towards the $0.3200 level, below which the price might even test $0.3000.

On the upside, the price is facing resistance near $0.3510. The next major resistance is near the $0.3600 level. A clear move above the $0.3600 resistance zone might start a fresh increase. In the stated case, the price could even surpass the $0.3750 resistance. Any more gains might send the price towards the $0.4000 resistance.

Ripple Price

Looking at the chart, ripple price is now trading below the $0.3500 zone and the 55 simple moving average (4-hours). Overall, the price could rise steadily if it stays above the $0.3400 and $0.3350 support levels.

Technical indicators

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

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

Key Support Levels – $0.3400, $0.3335 and $0.3200.

Key Resistance Levels – $0.3600 and $0.3750.

Source: Read Full Article