- Ripple price is recovering nicely above the $0.2400 and $0.2420 resistance levels against the US dollar.
- The price is now trading nicely above $0.2420 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.2435 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to rise above the $0.2450 and $0.2500 resistance levels in the near term.
Ripple price is showing positive signs above the $0.2400 level against the US Dollar. XRP price could accelerate higher once it clears the $0.2500 resistance zone.
Ripple Price Analysis
After diving towards the $0.2200 support zone, ripple price started a decent recovery against the US Dollar. The XRP/USD pair traded as low as $0.2191 and recovered above the $0.2300 resistance zone.
The bulls returned in action and pushed the price above the $0.2350 resistance. There was a break above the 50% Fib retracement level of the downward move from the $0.2580 swing high to $0.2191 low.
Moreover, there was a break above a key bearish trend line with resistance near $0.2435 on the 4-hours chart of the XRP/USD pair. The pair is now trading well above the $0.2420 resistance zone and the 55 simple moving average (4-hours).
An initial resistance is near the $0.2488 and $0.2500 levels. The 76.4% Fib retracement level of the downward move from the $0.2580 swing high to $0.2191 low is also near the $0.2488 level.
A successful close above the $0.2500 resistance level may perhaps accelerate the recent increase. The next major resistance is near the $0.2580 level, above which the price may even rise above the $0.2620 resistance.
If there is a downside correction, the broken trend line or $0.2420 might provide support. The main support is now forming near the $0.2400 level and the 55 simple moving average (4-hours). A clear break and close below the $0.2400 support level might increase selling pressure and the price could revisit the $0.2280 level.
Looking at the chart, ripple price is clearly trading nicely above $0.2420 and the 55 simple moving average (4-hours). Therefore, the price could continue to rise above the $0.2450 and $0.2500 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Key Support Levels – $0.2420, $0.2400 and $0.2350.
Key Resistance Levels – $0.2488 and $0.2500.