Charted: Ripple (XRP) Eyes Fresh Rally To $0. 35, Dips Remain Supported

Ripple started a strong recovery wave above the $0. 3000 and $0. 3100 levels against the US Dollar. XRP price is currently correcting gains from $0. 3700, but dips remain limited.

  • Ripple rallied above the $0. 3200 and $0. 3500 resistance levels against the US dollar.
  • The price tested the $0. 3700 zone before correcting lower, but it settled above the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0. 3480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is holding a key support near the $0. 3000 and $0. 2800 levels.

Ripple’s XRP Price is Holding Gains

In the past two days, ripple’s XRP price saw a sharp increase above the $0. 2500 resistance level. The bulls gained strength, resulting in a sharp upward move above the $0. 3000 barrier.

The price even surged above the $0. 3200 level and settled above the 100 simple moving average (4-hours). The price nuked the $0. 3500 level before the bears took a stand near the $0. 3700 zone. There were two attempts by the bulls to gain momentum above $0. 3700, but they failed.

A swing high was formed near $0. 3700 before the price started a downside correction (similar to bitcoin ). The price traded below the $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.

Ripple (XRP)

Ripple (XRP)

 Source:  XRPUSD on TradingView. com  

There is also a major bearish trend line forming with resistance near $0. 3480 on the 4-hours chart of the XRP/USD pair. On the downside, the $0. 3000 and $0. 2950 levels are important supports.

The 50% Fib retracement level of the upward influx from the $0. 2190 swing low to $0. 3700 swing high is also near $0. 2950. Any more losses could lead the price towards the main $0. 2500 support level and the 100 simple moving typical (4-hours).

More Gains in XRP?

If ripple remains stable above the $0. 2950 level, there are chances of a fresh increase. An initial resistance on the upside is near the $0. 3250 degree.

The main resistance is now near $0. 3500. A close over a $0. 3500 resistance zone could pump the price towards the $0. 3700 and $0. 3800 levels in the near term.

Technical Indicators

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 towards the 50 level.

Major Support Levels – $0. 3000, $0. 2950 plus $0. 2550.

Major Resistance Levels – $0. 3250, $0. 3450 and $0. 3500.

Leave a comment

Your email address will not be published. Required fields are marked *