Ripple Price Analysis: XRP Rally Could Extend To $0.4000 or $0.4200

  • Ripple price rallied recently above the $0.3200 and $0.3300 resistances against the US dollar.
  • The price is up more than 15% and it recently climbed above the $0.3500 resistance area.
  • There is a major bullish trend line in place with support at $0.3560 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is placed in a strong uptrend and it is likely to grind above the $0.3800 and $0.4000 resistance levels.

Ripple price started a strong uptrend above $0.3400 against the US Dollar after bitcoin price rise. XRP is likely to accelerate higher and it might even clear the $0.4000 resistance level.

Ripple Price Analysis

Yesterday, there was a start of a strong uptrend in the crypto market, opening doors for a break above $0.3200 in ripple price against the US Dollar. The XRP/USD pair broke a few important resistances near $0.3200 and $0.3240 to move into an uptrend. Later, the price rallied sharply above the $0.3300 and $0.3500 resistance levels. The price even climbed above the $0.3600 barrier and settled well above the 100 hourly simple moving average.

A new yearly high was formed near $0.3722 and the price is currently correcting gains. It recently traded below the $0.3650 support and the 23.6% Fib retracement level of the last wave from the $0.3462 low to $0.3722 high. However, there are many supports near the $0.3600 and $0.3550 levels. Besides, the 50% Fib retracement level of the last wave from the $0.3462 low to $0.3722 high prevented the recent drop. There is also a major bullish trend line in place with support at $0.3560 on the hourly chart of the XRP/USD pair.

The trend line coincides with the 61.8% Fib retracement level of the last wave from the $0.3462 low to $0.3722 high. Therefore, if the price corrects lower towards the $0.3600 and $0.3560 levels, it could find a strong buying interest. Below the trend line support, the price might test the $0.3500 level. On the upside, a clear break above the $0.3750 resistance is likely to push the price towards the $0.3880 level.

Looking at the chart, ripple price is trading heavily into a positive zone above $0.3500 and $0.3600. If buyers remain in charge, there are chances of a strong rise towards the $0.4000 level. On the downside, buying in the short term towards $0.3600 or $0.3500 might be considered with a tight stop.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is placed heavily in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the overbought zone.

Major Support Levels – $0.3600, $0.3560 and $0.3550.

Major Resistance Levels – $0.3750, $0.3880 and $0.4000.

Source