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Ripple is showing positive signs above the $0.365 support against the US Dollar. XRP price seems to be eyeing a fresh rally towards the $0.48 level.
- Ripple is slowly moving higher and trading above $0.35 against the US dollar.
- The price is now trading above $0.380 and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.381 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a strong increase if it clears the $0.415 resistance zone.
Ripple Price Eyes Upside Break
After a strong decline, ripple’s XRP found support near the $0.320 zone against the US Dollar. The price started a decent increase above the $0.332 and $0.350 resistance levels.
The bulls were able to lift the price above the 23.6% Fib retracement level of the key drop from the $0.5098 swing high to $0.3200 swing low. xrp price is now trading above $0.380 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.381 on the 4-hours chart of the XRP/USD pair.
It seems to be facing a major resistance near the $0.415 level. It is close to the 50% Fib retracement level of the key drop from the $0.5098 swing high to $0.3200 swing low. The next major resistance is near the $0.438 level.
Source: XRPUSD on TradingView.com
A successful break above the $0.438 resistance might send the price towards the $0.465 resistance. The next key resistance is near the $0.480 level. Any more gains might send the price towards the $0.50 level in the coming days.
Dips Limited in XRP?
If ripple fails to clear the $0.415 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.381 level, the trend line, and the 100 simple moving average (4-hours).
The next major support is near $0.350. If there is a downside break and close below the $0.350 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.320 support.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.381, $0.365 and $0.350.
Major Resistance Levels – $0.415, $0.438 and $0.480.
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Image and article originally from newsbtc.com. Read the original article here.