- Ripple price started a fresh increase from the $0.2880 zone against the US dollar.
- The price is now trading above $0.32 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.3700 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could gain pace if there is a clear move above the $0.3800 resistance zone.
Ripple price is rising above $0.3500 against the US Dollar, similar to bitcoin. XRP price must clear $0.3800 to start a fresh increase in the near term.
Ripple Price Analysis
After forming a base near the $0.2880 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3200 resistance zone to move into a positive zone.
The price even broke the $0.3320 resistance and the 55 simple moving average (4-hours). There was a break above the 50% Fib retracement level of the main drop from the $0.4110 swing high to $0.2880 low. Finally, the price even surpassed the $0.3500 resistance zone.
On the upside, the price is facing resistance near $0.3800. There is also a major bearish trend line forming with resistance near $0.3700 on the 4-hours chart of the XRP/USD pair.
The trend line is near the 76.4% Fib retracement level of the main drop from the $0.4110 swing high to $0.2880 low. The next major resistance is near the $0.3400 level. A clear move above the $0.3800 and $0.4000 resistance zones might start a fresh increase.
In the stated case, the price could even surpass the $0.4200 resistance. Any more gains might send the price towards the $0.4500 resistance.
An initial support on the downside is near the $0.3500 level. The next main support is near the $0.3400 zone. Any more losses could lead the price towards the $0.3200 level, below which the price might even test $0.3000.
Looking at the chart, ripple price is now trading above $0.3500 and the 55 simple moving average (4-hours). Overall, the price could gain pace if there is a clear move above the $0.3800 resistance zone.
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 above the 50 level.
Key Support Levels – $0.3400, $0.3200 and $0.3000.
Key Resistance Levels – $0.3800 and $0.4000.
