After a successful close above the daily 100-Simple moving average, Ripple’s XRP USD price has started to slow steady increase. The daily 100-SMA is acting as strong support for the XRP USD pair.
Currently traded (XRP USD Live chart) at $0.4485 (as of this writing), the XRP is trading above the 23.6% Fib retracement level of the downward move from the $0.6515 swing high to $0.3650 swing low and attempting to clear key major hurdles.
It is testing to break above the 38.2% Fib retracement level at $0.4750. If there is an upside break above this initial resistance zone, the bulls could be back in control. A lot also depends on how Bitcoin USD price performs in the coming sessions.
The next resistance for XRP price is at $0.5085, followed by $0.5425.
$0.5425 is the major resistance and may put a lot of pressure on the bulls to clear. It is at the 61.8% Fib retracement level of the downward move from the $0.6515 swing high to $0.3650 swing low. If the upward momentum continues, the 4hour 100-Simple moving average could also head towards the $0.54 mark in the following sessions, acting as a strong resistance zone. A break above the $0.54 mark could push the XRP USD price to retest $0.65.
Dips supported in XRP?
If the Ripple XRP USD pair fails to clear the $0.475 resistance, it could continue to move down with first major support near the $0.4325 - a daily 100 Simple moving average. A downside break below the daily 100 simple moving average level may pull down the price to retest the $0.35 support.
XRP USD Price Technical Indicators (based on 4hour charts)
- Both MACD and RSI for XRP/USD are gaining momentum and trending upwards.
- Major Support Levels – $0.4325, and $0.35.
- Major Resistance Levels – $0.475, $0.505, and $0.5425.
