Key Takeaways:
- Ripple price started a fresh increase above the $0.35 resistance zone.
- XRP is trading above a key bullish trend line with support at $0.3880 on the daily chart.
- The price could gain bullish momentum once it clears the $0.412 resistance zone.
New Delhi(CoinChapter): Ripple’s XRP is rising steadily above $0.38. The price could start a strong surge if there is a daily close above the $0.412 resistance.
Ripple (XRP) Price Eyes Upside Break
After forming a base above the $0.315, ripple price started a fresh increase against the US Dollar. The price was able to clear the $0.335 and $0.350 resistance levels.
The upward move gained pace above the $0.365 level and the 50-day simple moving average (blue). XRP price was able to clear the 23.6% Fib retracement level of the key decline from the $0.5100 swing high to $0.3145 low.
Ripple’s daily price chart | Source: XRP/USD on TradingView.com
In the past two days, there was a decent increase above $0.380, similar to bitcoin and ethereum. There is also a key bullish trend line forming with support at $0.3880 on the daily chart.
However, the price seems to be facing a strong resistance near the $0.410 and $0.412 levels. It is close to the 50% Fib retracement level of the key decline from the $0.5100 swing high to $0.3145 low. A clear upside break and close above $0.412 might start a strong increase.
The next major resistance is near the $0.428 zone and the 50-day simple moving average (blue). A clear wave above the $0.428 level could push the price further higher to $0.445.
Failure?
Any more gains might set the pace for a test of the $0.500 resistance. If ripple price fails to clear the $0.412 resistance zone, it could correct lower. An initial support is near the $0.480 level and trend line zone.
A downside break below the trend line support might send the price towards the $0.365 support. The main support is near the $0.350 zone. A close below $0.350 may perhaps start a strong decline. In the stated case, the price might even test the $0.315 support.
Overall, XRP price is gaining pace above the $0.365 and $0.388 levels. If the bulls clear the $0.412 barrier, the price could rally towards the $0.45 level or even $0.50. Conversely, there might be a fresh drop towards the $0.350 level in the coming days.
