The price of the ripple holds a strong support close to $ 0.3320 compared to the US dollar. The XRP / USD should soon make a move upward towards the resistance zone by $ 0.3550.
Take away key
- The price of the ripple has dropped recently, but has remained above the support of $ 0.3320.
- XRP / USD is selling well above a monstrous uptrend line with support at $ 0.3340 on the 4-hour chart.
- The XRP price will probably rise higher in the near term towards the resistances of $ 0.3500 and $ 0.3550.
Price analysis of the ripples
from the resistance of $ 0.3550, the price of ripple dropped sharply against the US dollar. XRP / USD broke the support zone by $ 0.3420 and traded towards the next support at $ 0.3300-0.3320.
The 4-hour chart indicates that the price found strong support above the $ 0.3000 level and the 100 simple average shift (4 hours). Low was formed at $ 0.3301 and the price slowly recovered.
More importantly, the price is pleasantly traded above a bullish uptrend monster line with support at $ 0.3340 on the same chart. Clearly, both the trend line and the 100 SMA (4 hours) are showing declines lower than $ 0.3220 in XRP / USD.
The pair recovered above the Fibonacci retracement level of 23.6% from the last decline from $ 0.3555 upwards to $ 0.3301 below. The last two 4-hour candles suggest a positive price action above the $ 0.3350 level.
The next resistance for ripple buyers is the 50% Fibonacci retracement level of the last drop from $ 0.3555 down to $ 0.3301 down to $ 0.3428. Above this, the price is set to rise to the very important resistance area of $ 0.3550.
Finally, a break above the $ 0.3550 barrier could open the door to further gains of $ 0.3800 and $ 0.3950 in the near term. On the other hand, if the price falls below the trend line and settles below the $ 0.3300 level, it may be subject to much selling pressure. The next key support is $ 0.3250 and $ 0.3220.
Overall, the ripple price is trading above the solid support of $ 0.3300 and as long as it maintains declared support, buyers will likely take control for a drag towards the resistance of $ 0.3550.  In addition, read: Ripple accelerates network expansion and XRP adoption indicating that price could go higher