Ripple is accelerating above the $0.350 resistance zone against the US Dollar. The price of XRP could rise further if it breaks through the $0.3720 resistance zone.
- Ripple is currently breaking above the $0.35 resistance zone against the US Dollar.
- The price is now trading above $0.350 and the 100 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $0.3495 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could rise further if there is a clear move above the $0.3720 resistance zone.
Ripple Price Prolongs Gains
After a sharp decline, Ripple’s XRP found support near the $0.3000 area against the US Dollar. The price formed a base above the $0.3050 level before triggering a rally wave.
There was a decent rise above the $0.3250 and $0.3300 resistance levels. Additionally, there was a break above a crucial bearish trend line with resistance near $0.3495 on the 4-hours chart of the XRP/USD pair. The upward move accelerated above the $0.350 level.
The price is now trading above the 76.4% Fib retracement level of the main decline from the $0.3727 high to $0.3009 low. It is also trading above $0.350 and the 100 simple moving average (4-hours), outperforming bitcoin and ethereum.
An immediate resistance is near the $0.372 area. The next key resistance is near the $0.390 level. It is near the 1.236 Fib Extension level of the main swing decline from $0.3727 to $0.3009 low.
Source: XRPUSD on TradingView.com
A successful break above the $0.390 resistance could send the price towards the $0.400 resistance. Any further gains could send the price towards the $0.432 level in the coming days.
New decline of XRP?
If ripple fails to clear the $0.372 resistance zone, it could trigger a downward correction. An initial support on the downside is near the $0.355 level.
The next major support is near $0.345 and the 100 simple moving average (4-hours). If there is a break on the downside and a close below the $0.345 level, the xrp price could extend the losses. In the indicated case, the price might even drop below the $0.325 support.
Technical indicators
4-Hour MACD – The MACD for XRP/USD is now accelerating into the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Main support levels – $0.355, $0.345 and $0.325.
Main resistance levels – $0.372, $0.390 and $0.400.
