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The ripple price constituted a solid support at $ 0.3110 and subsequently recovered against the US dollar. The XRP / USD is likely to accelerate gains once there is a break above the resistance of $ 0.4000.
Key points of conversation
- The price of the ripple has recently recovered above $ 0.3650 and tested the resistance of $ 0.3985 against the US dollar.
- XRP / USD broke a key bearish trend line with resistance at $ 0.3765 on the 2-hour chart (data feed via Bitstamp).
- The XRP price is currently struggling to break the resistance area of $ 0.3975-0.4000.
Ripple Price Forecast
After a sharp decline, the ripple price found support just above the $ 0.3000 level against the US dollar. The XRP / USD pair started an upward move and exceeded the resistance levels of $ 0.3400 and $ 0.3650.
Looking at the chart, the price traded from $ 0.3115 first started a solid recovery. The buyers pushed the price above the resistance of $ 0.3650 and the Fib retracement level of 23.6% of the last slide from the low of $ 0.5183 to $ 0.3115 at the bottom.
More importantly, the price broke a bearish trend line with resistance at $ 0.3765 on the 2-hour chart. He opened the door for further gains and the price was trading above the resistance levels of $ 0.3850 and $ 0.3900.
However, the upward move was limited by the resistance area of $ 0.3975-0.4000, which was previously a support. In addition, the price failed to exceed $ 0.3920 and the simple moving average to 100 (2 hours).
The price is withdrawing from its highs and is currently trading near $ 0.3750. However, there are many supports on the negative side close to support levels of $ 0.3700 and $ 0.3600. Below $ 0.3600, the price will most likely return to a bearish zone towards the $ 0.3400 level.
On the other hand, if the price rises higher and breaks the resistance by $ 0.4000, there could be more gains. The next resistance is $ 0.4150 and the 50% retracement level of Fibers from the last slide from $ 0.5183 up to $ 0.3115 at the bottom.
Overall, the ripple price is positioned well in a bullish zone above $ 0.3600 and if there is a bullish break above $ 0.4000, there may be a bullish acceleration in XRP.
Market data is provided by TradingView.
