Ripple price is trading nicely above the $0.3240 support area against the US Dollar. XRP is showing positive signs and it might climb higher above $0.3450 and $0.3500 in the near term.
This past week, we saw an extended correction in bitcoin, Ethereum, bitcoin cash, ADA and ripple against the US Dollar. Earlier, the XRP/USD pair formed a top near the $0.3800 resistance and declined sharply. There was a break below the $0.3550 and $0.3500 support levels. It pushed the price back in a bearish zone, with a break below the $0.3400 support area. The price even broke the 76.4% Fib retracement level of the last upward move from the $0.3250 swing low to $0.3850 high.
The decline was strong as the price even settled below the $0.3400 level and the 55 simple moving average (4-hours). Finally, there was a downside break below the last swing low near $0.3450. Ripple traded close to the $0.3100 support level. It tested the 1.236 Fib extension level of the last upward move from the $0.3250 swing low to $0.3850 high. Later, the price bounced back above the $0.3200 and $0.3250 levels. At the moment, the price is consolidating gains above the $0.3240 and $0.3250 levels.
More importantly, there is a major breakout pattern in place with resistance at $0.3450 on the 4-hours chart of the XRP/USD pair. On the upside, there is a strong resistance formed near the $0.3450 level and the 55 simple moving average (4-hours). A clear break above the $0.3450 level might push the price above $0.3450 resistance. The next key resistances are at $0.3550 and $0.3600.
Looking at the chart, ripple price is consolidating above the key $0.3240 support area. Besides, there is a strong support formed near $0.3250 and the triangle trend line. If buyers fail to hold the $0.3240 support, there are chances of more losses in the near term. The next main support is at $0.3200, where buyers may emerge.
4 hours MACD – The MACD for XRP/USD is currently flat in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Key Support Levels – $0.3250, $0.3240 and $0.3200.
Key Resistance Levels – $0.3450 and $0.3500.
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