BTC / USD
51,385.55
0.02%
(-10.85)
ETH / USD
2,935.17
0.32%
(+9.39)
XRP / USD
0.54
1.16%
(-0.01)
LTC / USD
68.44
0.03%
(+0.02)
EOS / USD
0.76
0.6%
(-0)
BCH / USD
260.66
0.25%
(+0.64)
ADA / USD
0.59
2.15%
(-0.01)
XLM / USD
0.11
1.36%
(-0)
NEO / USD
12.13
1.34%
(-0.16)
XEM / USD
0.04
0.45%
(-0)
DASH / USD
28.93
0.29%
(-0.09)
USDT / USD
1.00
0.02%
(-0)
BNB / USD
371.72
6.69%
(+23.32)
QTUM / USD
3.26
1.38%
(+0.04)
XVG / USD
0.00
1.04%
(-0)
ONT / USD
0.25
0.37%
(0)
ZEC / USD
24.08
0.86%
(+0.21)
STEEM / USD
0.24
1.85%
(0)

Why The Bulls Could Aim Fresh Rally To $0.45

0

Ripple remained well bid above the $0.35 support against the US Dollar. XRP price seems to be eyeing a fresh rally towards the $0.45 level.

  • Ripple started a decent increase from the $0.32 support 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 major bearish trend line with resistance near $0.374 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a strong increase if it clears the $0.400 resistance zone.

Ripple Price Eyes Fresh Increase

After a strong decline, ripple’s XRP formed a base above the $0.320 zone against the US Dollar. The price started a decent increase above the $0.335 and $0.340 resistance levels.

The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 swing low. Besides, there was a break above a major bearish trend line with resistance near $0.374 on the 4-hours chart of the XRP/USD pair.

XRP is rising steadily above the 100 simple moving average (4-hours) and outperforming both bitcoin and ethereum. The price is now facing hurdles near $0.395 and $0.400. The first major resistance is near the $0.415 level.

The 50% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 swing low is also near the $0.415 level. A successful break above the $0.415 resistance might send the price towards the $0.450 resistance.

Source: XRPUSD on TradingView.com

The next key resistance is near the $0.465 level. Any more gains might send the price towards the $0.50 level in the coming days.

Dips Supported in XRP?

If ripple fails to clear the $0.415 resistance zone, it could slowly move down. An initial support on the downside is near the $0.380 level and the 100 simple moving average (4-hours).

The next major support is near $0.345. If there is a downside break and close below the $0.345 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.320 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 – $0.380, $0.345 and $0.320.

Major Resistance Levels – $0.400, $0.415 and $0.450.

Leave A Reply

Your email address will not be published.