Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it stays below the $0.3720 resistance.
- Ripple is currently recovering above the $0.355 resistance zone against the US dollar.
- The price is now trading near $0.360 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh decline if it breaks the $0.3550 support and pivot zone.
Ripple Price Attempts Recovery
After a major decline, ripple’s XRP found support near the $0.3320 zone against the US Dollar. The price formed a base above the $0.3320 level before it started a recovery wave.
There was a decent increase above the $0.3450 and $0.3500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair. In the past few sessions, xrp price gained pace above the $0.3550 resistance zone, outperforming bitcoin and ethereum.
The price even spiked above the 50% Fib retracement level of the key decline from the $0.3965 swing high to $0.3320 low. The price is now trading near $0.360 and the 100 simple moving average (4-hours).
An immediate resistance is near the $0.370 zone. The next key resistance is near the $0.372 level. It is near the 61.8% Fib retracement level of the key decline from the $0.3965 swing high to $0.3320 low.
Source: XRPUSD on TradingView.com
A successful break above the $0.372 resistance might send the price towards the $0.400 resistance. Any more gains might send the price towards the $0.425 level in the coming days.
Fresh Decline in XRP?
If ripple fails to clear the $0.372 resistance zone, it could start a fresh decline. An initial support on the downside is near the $0.358 level.
The next major support is near $0.355. If there is a downside break and close below the $0.355 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.332 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 – $0.355, $0.332 and $0.320.
Major Resistance Levels – $0.370, $0.373 and $0.400.
