Key Takeaways:
- Ripple price is recovering higher above the $0.375 support zone.
- XRP is facing resistance near a key bearish trend line at $0.3880 on the 4-hours chart.
- There could be a strong increase if the price clears the $0.390 resistance.
New Delhi(CoinChapter): Ripple’s XRP price is moving higher above $0.370 and $0.375. It could start a fresh rally if it settles above $0.388 and $0.390.
Ripple’s XRP Price Aims Fresh Rally
This past week, XRP saw a downside extension below the $0.40 support against the US Dollar. The price gained bearish momentum below the $0.38 support, similar to bitcoin and ethereum.
The price even spiked below the $0.365 support zone and settled below the 50 simple moving average (blue, 4-hours). The price traded as low as $0.3612 and is currently correcting higher. There was a move above the $0.3650 and $0.3700 levels.
The price broke the 23.6% Fib retracement level of the downward move from the $0.4203 swing high to $0.3612 low. XRP price is now testing the $0.3850 zone the 50 simple moving average (blue, 4-hours).
The first major resistance is near the $0.388 level. There is also a key bearish trend line forming with resistance at $0.3880 on the 4-hours chart. The next key resistance is near the $0.400 zone or the 50% Fib retracement level of the downward move from the $0.4203 swing high to $0.3612 low.
A clear move above the $0.390 might send the price towards the $0.408 resistance. Any more gains might set the pace for a move towards the $0.432 zone or the 1.236 Fib extension level of the downward move from the $0.4203 swing high to $0.3612 low.
Another Failure?
If there is no upside break, the price might start another decline from the $0.388 resistance zone. An initial support is near the $0.375 level.
The main support is near the $0.365 level. A close below $0.365 may perhaps start a strong decline. In the stated case, the price might test the $0.320 support. Any more losses could open the doors for a move towards the $0.30 level.
Overall, XRP price is slowly moving higher above the $0.375 zone and facing hurdles near $0.390. If the bulls clear the $0.390 barrier, the price could rally towards the $0.42 level or even $0.45. Conversely, there might be a fresh drop towards the $0.365 level.
