Ripple Price Analysis: XRP Resumes Uptrend, $0.4000 Next?
- Ripple price rallied further and traded above the $0.3600 resistance level against the US dollar.
- There was a break above an ascending channel with resistance at $0.3520 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains supported above $0.3500 and $0.3400, with a bullish angle.
Ripple price traded further higher above key resistances against the US Dollar and Bitcoin. XRP/USD is likely to accelerate gains towards the $0.4000 level.
Ripple Price Analysis
Yesterday, we saw a bullish wave above $0.3200 in ripple price against the US Dollar, and were hoping for a test of $0.3600. The XRP/USD pair did gain momentum above the $0.3400 resistance and it even broke $0.3600. The price is now trading well above the $0.3400 level and the 100 hourly simple moving average. The recent high was formed at $0.3678 and the price remains in a solid uptrend.
Moreover, there was a break above an ascending channel with resistance at $0.3520 on the hourly chart of the XRP/USD pair. The same channel resistance may now act as a support at $0.3520. It coincides with the 23.6% Fib retracement level of the recent wave from the $0.3208 low to $0.3678 high. If there is a downside extension below $0.3520, the price may revisit the $0.3400-0.3420 support area. Besides, the 50% Fib retracement level of the recent wave from the $0.3208 low to $0.3678 high is also near $0.3440. Therefore, if the price corrects lower, it is likely to find a strong support above $0.3400.
Looking at the chart, ripple price is placed nicely in an uptrend above $0.3400 and the 100 hourly SMA. On the upside, the price is likely to break the $0.3678 swing high. The next stop for buyers could be $0.3850 or $0.4000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently in the oversold region.
Major Support Level – $0.3440
Major Resistance Level – $0.3850
Ripple image via Shutterstock.