Ripple started a strong wave of recovery above the USD 0.3000 and USD 0.3100 levels against the US dollar. XRP price is currently correcting gains of USD 0.3700, but the declines remain limited.
- Ripple rallied above the USD 0.3200 and USD 0.3500 resistance levels against the US dollar.
- The price tested the USD 0.3700 zone before correcting lower, but it got above the simple 100 (4 hours) moving average.
- A major bearish trendline is forming with resistance near USD 0.3480 on the 4-hour chart of the XRP / USD pair (data source from Kraken).
- The pair has a significant support near the USD 0.3000 and USD 0.2800 levels.
Ripple’s XRP price is holding gains
In the past two days, Ripple’s XRP price saw a sharp rise above the USD 0.2500 resistance level. The bulls strengthened, resulting in a sharp upward move above the USD 0.3000 mark.
In fact, the price rose above the USD 0.3200 level and was above the 100 easy moving average (4 hours). The price lowered the USD 0.3500 level before the bears took a position near the USD 0.3700 zone. There were two attempts by the bulls to gain momentum above USD 0.3700, but they failed.
A swing high formed at $ 0.3700 before the price started a downward correction (similar to bitcoin). The price traded below the USD 0.3500 level. There was also a break below the 23.6% Fib retracement level of the upward wave from the $ 0.2190 swing low to $ 0.3700 swing high.
Source: XRPUSD on TradingView.com
A major bearish trendline is also forming with resistance near USD 0.3480 on the 4-hour chart of the XRP / USD pair. On the downside, the USD 0.3000 and USD 0.2950 levels are important supports.
The 50% Fib retracement level of the upward wave from the $ 0.2190 swing low to $ 0.3700 swing high is also near $ 0.2950. Even more losses could drive the price towards the key USD 0.2500 support level and the 100 simple (4-hour) moving average.
More profit in XRP?
If ripple remains stable above the USD 0.2950 level, there is a chance of another rise. An initial resistance on the upside is near the USD 0.3250 level.
The main resistance is now near USD 0.3500. A close above the USD 0.3500 resistance zone could pump the price towards USD 0.3700 and USD 0.3800 in the near term.
4-Hours MACD – The MACD for XRP / USD is losing momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP / USD is correcting lower to the 50 level.
Key Support Levels – USD 0.3000, USD 0.2950 and USD 0.2550.
Key Resistance Levels – USD 0.3250, USD 0.3450 and USD 0.3500.