Ripple started a strong rally above the $ 0.3000 and $ 0.3100 levels against the US dollar. XRP price is currently correcting gains of $ 0.3700, but the drops remain limited.
- The ripple against the US dollar rose above the $ 0.3200 and $ 0.3500 resistance levels.
- The price tested the $ 0.3700 zone before correcting lower but was above the simple moving average of 100 (4 hours).
- A large bearish trendline is forming on the 4-hour chart of the XRP / USD pair (data source from Kraken) with resistance near USD 0.3480.
- The pair holds major support near the $ 0.3000 and $ 0.2800 levels.
Ripple’s XRP price holds profits
For the past two days, Ripple’s XRP price rose well above the resistance level of $ 0.2500. The bulls gained strength, causing a strong move higher above the $ 0.3000 level.
The price even surged above the $ 0.3200 level and was above the simple moving average of 100 (4 hours). The price hit the $ 0.3500 level before the bears took a stance near the $ 0.3700 zone. There have been two attempts by the bulls to gain momentum above $ 0.3700 but failed.
A swing high was formed near $ 0.3700 before the price began a downward correction (similar to Bitcoin). The price was below the $ 0.3500 level. There was also a break below the 23.6% fib retracement level of the upside wave from the low of $ 0.2190 to the high of $ 0.3700.
Source: XRPUSD on TradingView.com
A large bearish trendline is also forming on the 4-hour chart of the XRP / USD pair with resistance near USD 0.3480. On the flip side, the $ 0.3000 and $ 0.2950 levels are major supports.
The 50% Fib retracement level of the upward wave from the swing low of $ 0.2190 to the swing high of $ 0.3700 is also near $ 0.2950. Further losses could push the price towards the main support level of $ 0.2500 and the simple moving average of $ 100 (4 hours).
More profits in XRP?
If the ripple remains stable above the $ 0.2950 level, there is a chance it could rise again. Initial resistance to the upside is near the $ 0.3250 level.
The main resistance is now at $ 0.3500. A close above the $ 0.3500 resistance zone could in the short term pump the price towards the $ 0.3700 and $ 0.3800 levels.
Technical indicators
4 Hour MACD – The MACD for XRP / USD is losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is correcting down towards 50.
Key support levels – $ 0.3000, $ 0.2950, and $ 0.2550.
Main Resistance Levels – $ 0.3250, $ 0.3450, and $ 0.3500.
