Ripple’s XRP gained over 15% and traded above $0.40. The price is now correcting gains and dips might be limited below the $0.380 support zone.
This past week, XRP formed a base above the $0.3200 zone against the US Dollar. The price remained well bid above the $0.320 level and started a steady increase.
The price was able to clear a couple of key hurdles near the $0.340 and $0.350 levels to move into a positive zone. It even gained pace for a move above the $0.380 resistance and the 50 simple moving average (blue, 4-hours), outperforming bitcoin and ethereum.
Ripple’s 4-hours price chart | Source: XRP/USD on TradingView.com
The price is up over 15% in a couple of days and there was a clear move above the $0.400 resistance. However, the bulls failed to clear a multi-touch weekly resistance at $0.420 and $0.425.
A high was formed near $0.4242 and the price is now correcting gains. There was a move below the $0.400 level. XRP dipped below the 23.6% Fib retracement level of the recent increase from the $0.3400 swing low to $0.4242 high.
An initial support is near the $0.3820 level. There is also a major bullish trend line forming with support at $0.380 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent increase from the $0.3400 swing low to $0.4242 high.
The next major support is near $0.3600 and the 50 simple moving average (blue, 4-hours). A close below $0.360 may perhaps start a strong decline. In the stated case, the price might even test the $0.320 support.
On the upside, an immediate resistance is near the $0.410 level. The next major resistance is near the $0.425 zone. A clear wave above the $0.425 level could start a major rally in the near term. In the stated case, the price may perhaps rise towards the $0.50 zone.
Overall, XRP price is gaining pace above the $0.360 and $0.380 levels. If the bulls clear the $0.425 barrier, the price could drift towards the $0.50 level. Conversely, there might be a fresh dip towards the $0.320 level.
The recent Federal Open Market Committee (FOMC) decision, along with some technical cues, could be…
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
EYWA, a consensus bridge that secures transactions across multiple protocols, has raised a total of…
StakingFarm is proud to announce the launch of its groundbreaking Bitcoin liquid staking product, a pioneering…
Rahaman Kargar, founder of Blockchain Asset Management, proudly announces the launch of its blockchain fund tailored…
Trace Labs, the core developers of OriginTrail, has joined the European Union's initiative to foster a…