Credit: Original article published by newsbtc.

Ripple corrected gains from well above $0.5000 against the US Dollar. XRP price is holding the key $0.3400 support, and it is likely to resume higher towards $0.4200 and $0.4400.

  • Ripple started a fresh decline after it failed to clear the $0.5500 resistance against the US dollar.
  • The price is still holding the $0.3400 support zone and the 100-day simple moving average.
  • There is a major bearish trend line forming with resistance near $0.4650 on the daily chart of the XRP/USD pair (data source from Kraken).
  • The pair is rise back towards the $0.4500 and $0.4650 resistance levels in the near term.

Ripple’s XRP Price Could Rally Again

After a clear break above $0.3200, ripple’s XRP price started a strong increase. There was a clear break above the $0.4000 resistance zone and the $0.5000 level.

The price even spiked above $0.5200 and settled above the 100-day simple moving average. However, the bulls failed to clear the $0.5500 resistance area. A high was formed near $0.5343 before starting a fresh decline.

There was a break below the $0.4200 and $0.4000 support levels. The price even declined below the 50% Fib retracement level of the upward move from the $0.2456 swing low to $0.5343 high. The price is still holding the $0.3400 support zone and the 100-day simple moving average.

Source: XRPUSD on TradingView.com

The 61.8% Fib retracement level of the upward move from the $0.2456 swing low to $0.5343 high is also acting as a support. On the upside, the price is facing hurdles near $0.4000. There is also a major bearish trend line forming with resistance near $0.4650 on the daily chart of the XRP/USD pair.

It seems like the price is likely to revisit the $0.4400 and $0.4500 resistance levels as long as there is no break below $0.3200.

Downsides Limited in XRP?

If ripple fails to start a decent increase, it could find support near the $0.3680 and $0.3600. The first major support is near the $0.3550 level.

The main support could be near the $0.3200 level. If the price fails to stay above $0.3200, there could be a downside extension towards the $0.2450 support zone.

Technical Indicators

Daily MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level.

Major Support Levels – $0.3650, $0.3550 and $0.3200.

Major Resistance Levels – $0.4000, $0.4400 and $0.4500.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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