New Delhi(CoinChapter.com): Ripple’s XRP is rising above $0.365. The price broke a major hurdle and might soon rise further towards the $0.45 resistance zone.
Ripple (XRP) Price Clears Hurdles
This past week, ripple price spiked below the $0.3250 support zone against the US Dollar. The price tested the $0.300 support zone, where the bulls took a stand.
The price formed a base and recently started a fresh increase above the $0.3250 resistance. There was a steady increase above the $0.340 and $0.345 resistance levels, similar to bitcoin and ethereum. The bulls even pushed xrp price above the 50% Fib retracement level of the main drop from the $0.4192 swing high to $0.2982 low.
Besides, the price traded above a major bearish trend line with resistance at $0.360 on the daily chart. It is now trading above the $0.370 level and the 50-day simple moving average (blue).
On the upside, the price seems to be facing resistance near the $0.390 and $0.391 levels. It is close to the 76.4% Fib retracement level of the main drop from the $0.4192 swing high to $0.2982 low. A close above $0.391 might start a fresh increase.
The next major resistance is near the $0.420 zone. A close above the $0.420 zone might call for a test of the $0.45 level. Any more gains might push the price towards the $0.50 resistance.
If there is no upside break above the $0.391 resistance, xrp price might correct lower. On the downside, an initial support is near the $0.368 level and the 50-day simple moving average (blue). The first major support is now forming near the $0.355 level.
Fresh Drop in XRP?
A downside break below the $0.355 support might send the price towards the $0.34 support. A close below the $0.340 level could send the price towards the $0.325 zone. Any more losses below $0.325 might stage a strong decline. In the stated case, the price might even test the $0.300 support.
Overall, XRP price is showing a lot of bullish signs above the $0.355 level. If the bulls remain active, the price might surge towards the $0.42 and $0.45 levels. Conversely, the price might start a fresh decline and revisit $0.34.
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