Ripple price failed to break the $0.4000 resistance recently and declined against the US Dollar. XRP/USD could bounce back if buyers push the price above $0.3750 and $0.3800.
- Ripple price is facing a solid resistance near $0.3600 and $0.3750 levels.
- XRP/USD is testing a major bearish trend line with resistance near $0.3600 on the 2-hours chart.
- XRP must surpass the $0.3600 and $0.3750-0.3800 resistance zones to climb higher.
Ripple Price Analysis
After a major drop, ripple price found support near the $0.3285 level against the US Dollar. XRP/USD started an upward move and broke the $0.3500 resistance plus a bearish trend line with resistance at $0.3600.
The 2-hours chart indicates that the price traded above the $0.3800 resistance and the 23.6% Fib retracement level of the last slide from the $0.5317 high to $0.3286 low. However, upsides were capped by the $0.4000 resistance and the 100 simple moving average (2-hours).
Chart sourced by TradingView, Binance.
The price declined once again and moved below the $0.3800 and $0.3600 levels. It tested the $0.3400 zone and it is currently recovering above $0.3500. Buyers are currently attempting an upside break above a major bearish trend line with resistance near $0.3600 on the same chart.
Above the trend line, an immediate resistance is near the $0.3750 level and the 100 simple moving average (2-hours). Therefore, a proper break above the $0.3800 level is needed for a decent rebound in the near term.
In the mentioned case, the price could climb above $0.4000 and test the $0.4200 resistance. The next major resistance is near the 50% Fib retracement level of the last slide from the $0.5317 high to $0.3286 low.
On the flip side, if the price fails to climb above the $0.3750 and $0.3800 resistance levels, there could be a fresh decline. The main support is near the $0.3280 swing low, below which the price may perhaps test the $0.3000 support.
Overall, ripple price could rebound positively if there is a 2-hour close above $0.3800 and the 100 SMA. If not, XRP is likely to slide sharply below the $0.3280 swing low.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.