Ripple price formed a solid support at $0.3110 and later recovered against the US Dollar. XRP/USD is likely to accelerate gains once there is a break above the $0.4000 resistance.
Key Talking Points
- Ripple price recovered recently above $0.3650 and tested the $0.3985 resistance against the US Dollar.
- XRP/USD broke a key bearish trend line with resistance at $0.3765 on the 2-hours chart (Data feed via Bitstamp).
- XRP price is currently struggling to break the $0.3975-0.4000 resistance area.
Ripple Price Forecast
After a major decline, ripple price found support just above the $0.3000 level against the US Dollar. The XRP/USD pair started an upside move and traded above the $0.3400 and $0.3650 resistance levels.
Looking at the chart, the price traded as low as $0.3115 before started a solid recovery. Buyers pushed the price above the $0.3650 resistance and the 23.6% Fib retracement level of the last slide from the $0.5183 high to $0.3115 low.
More importantly, the price broke a key bearish trend line with resistance at $0.3765 on the 2-hours chart. It opened the doors for more gains and the price traded above the $0.3850 and $0.3900 resistance levels.
However, the upside move was capped by the $0.3975-0.4000 resistance area, which was a support earlier. Moreover, the price failed to settle above the $0.3920 and the 100 simple moving average (2-hours).
The price is currently retreating from highs and it is currently trading near $0.3750. However, there are many supports on the downside near the $0.3700 and $0.3600 support levels. Below $0.3600, the price will most likely move back in a bearish zone towards the $0.3400 level.
On the other hand, if the price climbs higher and breaks the $0.4000 resistance, there could be more gains. The next resistance is $0.4150 and the 50% Fib retracement level of the last slide from the $0.5183 high to $0.3115 low.
Overall, ripple price is placed nicely in a bullish zone above $0.3600 and if there is an upside break above $0.4000, there could be bullish acceleration in XRP.
The market data is provided by TradingView.