New Delhi(CoinChapter): Ripple’s XRP is moving higher above $0.370 and $0.372. The price could start a fresh rally if it settles above $0.375 and $0.380.
Ripple’s XRP Price Eyes Fresh Rally
After a strong decline, XRP price found support near the $0.3600 zone against the US Dollar. The bears attempted a couple of times to push the price below the $0.360 support but failed.
The last major swing low was formed near $0.3518 low before there was a fresh increase. The price is now slowly moving higher above $0.3650, unlike Bitcoin and Ethereum. There was a break above the 23.6% Fib retracement level of the downward move from the $0.4090 swing high to $0.3518 low.
Ripple’s 4-hours price chart | Source: XRP/USD on TradingView.com
The price is now attempting a major upside break above the $0.3750 resistance. It is also testing a key bearish trend line with resistance at $0.3720 on the 4-hours chart.
An immediate barrier seems to be near the $0.3750 zone and the 50 simple moving average (blue, 4-hours). A clear move above the $0.3750 resistance zone could send the price higher toward the $0.3800 resistance zone.
The next key resistance is near the $0.3805 zone or the 50% Fib retracement level of the downward move from the $0.4090 swing high to $0.3518 low.
A clear move above the $0.3805 might send the price towards the $0.400 resistance. Any more gains might set the pace for a move towards the $0.4090 zone or $0.4220.
Another Failure?
If there is no upside break, the price might start another decline from the $0.375 resistance zone. An initial support is near the $0.375 level. The main support is near the $0.360 level. A close below $0.360 may perhaps start a strong decline.
In the stated case, the price might test the $0.332 support. Any more losses could open the doors for a move toward the $0.320 level.
Overall, XRP price is slowly moving higher above the $0.372 zone and facing hurdles near $0.375. If the bulls clear the $0.375 barrier, the price could rally toward the $0.40 level or even $0.42. Conversely, there might be a fresh drop toward the $0.360 level.
