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.
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.
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.