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.
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.
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.
XRP Volume Skyrockets 392% NAIROBI (Coinchapter.com) - XRP trading volume has surged by a staggering…
Cardano Network Hits 90M Transactions NAIROBI (Coinchapter.com) - Cardano has reached a significant milestone, recording…
Ripple CEO Slams SEC NAIROBI (Coinchapter.com)- Ripple CEO Brad Garlinghouse has blasted the U.S. Securities…
New York, New York, May 7th, 2024, ChainwireSpectral is excited to announce its participation in…
LOS ANGELES, United States, May 7th, 2024, ChainwireGlobal brands and talent will be able to…
Milan, Italy, May 7th, 2024, ChainwireCryptocurrency casino platform TG.Casino and iconic Italian football team AC…