Ripple corrected gains from well above $0.5000 against the US Dollar. XRP price is holding the key $0.3400 support, and it is likely to resume higher towards $0.4200 and $0.4400.
Ripple started a fresh decline after it failed to clear the $0.5500 resistance against the US dollar.
The price is still holding the $0.3400 support zone and the 100-day simple moving average.
There is a major bearish trend line forming with resistance near $0.4650 on the daily chart of the XRP/USD pair (data source from Kraken).
The pair is rise back towards the $0.4500 and $0.4650 resistance levels in the near term.
Ripple’s XRP Price Could Rally Again
After a clear break above $0.3200, ripple’s XRP price started a strong increase. There was a clear break above the $0.4000 resistance zone and the $0.5000 level.
The price even spiked above $0.5200 and settled above the 100-day simple moving average. However, the bulls failed to clear the $0.5500 resistance area. A high was formed near $0.5343 before starting a fresh decline.
There was a break below the $0.4200 and $0.4000 support levels. The price even declined below the 50% Fib retracement level of the upward move from the $0.2456 swing low to $0.5343 high. The price is still holding the $0.3400 support zone and the 100-day simple moving average.
Source: XRPUSD on TradingView.com
The 61.8% Fib retracement level of the upward move from the $0.2456 swing low to $0.5343 high is …