Ripple price found support near the $0.3850 and $0.3900 levels. Bitcoin is gaining momentum, but it seems like XRP/USD is struggling to accelerate towards $0.4100 and $0.4125.
- A fresh low was formed at $0.3841 before ripple recovered above $0.3920.
- XRP/USD surpassed a crucial bearish trend line with resistance near $0.4020 on the 30-minute chart.
- There could be more gains towards the $0.4125 or $0.4190 resistance level.
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Ripple Price Analysis (XRP to USD)
In the past two sessions, there was a solid bounce in bitcoin price from the $10,000 support. Ethereum price also recovered above $292.00, but ripple price was not successful in recovering similar to BTC and ETH.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair spiked below the key $0.3900 support area traded to a new weekly low at $0.3841. Later, it started a decent recovery and climbed above the $0.3900 and $0.3920 levels.
The upward move gained pace above the 50% Fib retracement level of the last slide from the $0.4127 high to $0.3841 low. Moreover, the price surpassed a crucial bearish trend line with resistance near $0.4020 on the same chart.
It is now trading nicely above the $0.4000 level and the 25 simple moving average (30-minute chart). An immediate resistance is near the $0.4060 level plus the 76.4% Fib retracement level of the last slide from the $0.4127 high to $0.3841 low.
If there is an upside break above $0.4060, the price could test the $0.4100 and $0.4125 resistance levels. The next major resistance is near the $0.4190 level, which now coincides with the 1.236 Fib extension level of the last slide from the $0.4127 high to $0.3841 low.
Finally, a break above the $0.4200 barrier could kick start a fresh increase towards the $0.4500 resistance level in the coming days.
Overall, ripple price is trading with a positive bias above $0.4000, but it must gain traction similar to bitcoin and Ethereum. More importantly, a close above $0.4125 and $0.4200 is needed for a fresh rally towards $0.4400 and $0.4500.
The market data is provided by TradingView, Bitfinex.