Ripple is moving higher above the $0.3850 resistance zone against the US Dollar. XRP price now eyes a clear move above the $0.400 resistance zone.
- Ripple is currently moving higher from the $0.3700 zone against the US dollar.
- The price is now trading above $0.385 and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.3740 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could rally if there is a close above the $0.400 and $0.405 resistance levels.
Ripple Price Climbs Higher
This past week, ripple’s XRP retested the key $0.3600 support zone against the US Dollar. The price remained well bid above the $0.3600 zone and recently started a fresh increase.
There was a clear move above the $0.3750 resistance zone. The price climbed nicely above the 50% Fib retracement level of the downward move from the $0.4086 swing high to $0.3596 low. Besides, there was a break above a key bearish trend line with resistance near $0.3740 on the 4-hours chart of the XRP/USD pair.
The price is now trading above $0.385 and the 100 simple moving average (4-hours), unlike bitcoin and ethereum. On the upside, an initial resistance is near the $0.3950 zone.
Source: XRPUSD on TradingView.com
The 76.4% Fib retracement level of the downward move from the $0.4086 swing high to $0.3596 low is also near the $0.3950 zone. The next key resistance is near the $0.400 level. A successful break above the $0.400 resistance might send the price towards the $0.408 resistance. Any more gains might send the price towards the $0.420 level.
Dips Limited in XRP?
If ripple fails to clear the $0.395 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.385 level.
The next major support is near $0.380 and the 100 simple moving average (4-hours). If there is a downside break and close below the $0.380 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.374 support and retest the $0.360 support.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing 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 – $0.385, $0.380 and $0.374.
Major Resistance Levels – $0.395, $0.400 and $0.408.