Ripple price is holding a strong support near $0.3320 against the US Dollar. XRP/USD is likely to make an upward move soon towards the $0.3550 resistance zone.
- Ripple price declined recently, but stayed above the $0.3320 support.
- XRP/USD is trading nicely above a monster bullish trend line with support at $0.3340 on the 4-hours chart.
- XRP price is likely to climb higher in the near term towards the $0.3500 and $0.3550 resistances.
Ripple price analysis
After getting rejected from the $0.3550 resistance, ripple price declined sharply against the US Dollar. XRP/USD broke the $0.3420 support zone and traded towards the next support at $0.3300-0.3320.
The 4-hours chart indicates that the price found a strong support above the $0.3000 level and the 100 simple moving average (4-hours). A low was formed at $0.3301 and the price slowly recovered.
More importantly, the price is trading nicely above a monster bullish trend line with support at $0.3340 on the same chart. Clearly, both the trend line and the 100 SMA (4-hours) are holding declines below $0.3220 in XRP/USD.
The pair has recovered above the 23.6% Fibonacci retracement level of the last drop from the $0.3555 high to $0.3301 low. The last two 4-hour candles are suggesting 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 the $0.3555 high to $0.3301 low at $0.3428. Above this, the price is likely to rally towards the all-important $0.3550 resistance area.
Finally, a break above the $0.3550 barrier could open the doors for more gains towards the $0.3800 and $0.3950 levels in the near term. On the other hand, if the price declines below the trend line and settles below the $0.3300 level, it may perhaps come under a lot of selling pressure. The next key supports are $0.3250 and $0.3220.
Overall, ripple price is trading above the solid $0.3300 support, and as long as it is holding the stated support, buyers are likely to take control for a push towards the $0.3550 resistance.