- Ripple price gained pace and cleared the $0.3500 resistance against the US dollar.
- The price is now trading above $0.3500 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could rise steadily if it stays above the $0.3600 and $0.3650 support levels.
Ripple price is recovering above $0.3500 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 $0.3250 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3350 resistance zone.
The price even broke the $0.3500 resistance and the 55 simple moving average (4-hours). There was a clear move above the 50% Fib retracement level of the downward move from the $0.3908 swing high to $0.3130 low. Besides, there was a break above a key bearish trend line with resistance near $0.3400 on the 4-hours chart of the XRP/USD pair.
XRP climbed above the $0.3550 resistance zone, but it faced sellers near the $0.3600 zone. It is now trading above $0.3500 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near $0.3610. It is near the 61.8% Fib retracement level of the downward move from the $0.3908 swing high to $0.3130 low. The next major resistance is near the $0.3750 level. A clear move above the $0.3750 resistance zone might start a fresh increase.
In the stated case, the price could even surpass the $0.390 resistance. Any more gains might send the price towards the $0.4000 resistance. An initial support on the downside is near the $0.3500 level.
The next major support is near the $0.3400 level. Any more losses could lead the price towards the $0.3350 level, below which the price might even test $0.3200.
Looking at the chart, ripple price is now trading above the $0.3500 zone and the 55 simple moving average (4-hours). Overall, the price could rise steadily if it stays above the $0.3600 and $0.3650 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 above the 50 level.
Key Support Levels – $0.3500, $0.3400 and $0.3350.
Key Resistance Levels – $0.3610 and $0.3750.
