Key Takeaways:
- Ripple price attempts a key upside break above the $0.40 resistance zone.
- XRP follows a crucial declining channel with resistance at $0.390 on the daily chart.
- The price could rally if it settles above $0.390 and $0.400.
NEW DELHI (CoinChapter.com): Ripple’s XRP holds the key $0.350 support. The price might start a major rally if there is a daily close above the $0.400 resistance.
Ripple (XRP) Price Reaches Key Juncture
This past week, Ripple price found support near the $0.350 zone against the US Dollar. However, the price remained well-bid above the $0.350 support and avoided a downside break.
Unlike Bitcoin, a low was formed near $0.3488, and the price started a slow increase. There was a move above the $0.368 resistance zone. The bulls pushed the price above the 23.6% Fib retracement level of the key decline from the $0.4331 swing high to the $0.3488 low.
The price now trades near the $0.3880 resistance zone and the 50-day simple moving average (blue). It also follows a crucial declining channel with resistance at $0.390 on the daily chart.
On the upside, the price faces resistance near the $0.390 and $0.400 levels. In addition, it is close to the 61.8% Fib retracement level of the key decline from the $0.4331 swing high to the $0.3488 low.
A close above $0.400 might start a new rally. The next major resistance is near the $0.4325 zone. A close above the $0.4325 zone might call for a test of the $0.453 level. Any more gains might push the XRP price toward the $0.50 resistance.
Another Failure?
The Ripple price might correct lower if there is no upside break above the $0.400 resistance. On the downside, initial support is near the $0.368 level. The first major support is now forming near the $0.350 level.
A downside break below the $0.350 support might send the price toward the $0.318 support. A close below the $0.318 level could send the price toward the $0.300 zone. Any more losses below $0.300 might stage a strong decline. The price might even test the $0.265 support in the stated case.
Overall, the XRP price shows many bullish signs above the $0.368 level. If the bulls remain active, the price might surge toward the $0.435 and $0.45 levels. Conversely, the price might start a fresh decline and revisit $0.35.
