Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it stays below the $0.3720 resistance.
- Ripple is currently recovering above the $0.355 resistance zone against the US dollar.
- The price is now trading near $0.360 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh decline if it breaks the $0.3550 support and pivot zone.
Ripple Price Attempts Recovery
After a major decline, ripple’s XRP found support near the $0.3320 zone against the US Dollar. The price formed a base above the $0.3320 level before it started a recovery wave.There was a decent increase above the $0.3450 and $0.3500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $0.3480 on the 4-hours chart of the XRP/USD pair. In the past few sessions, xrp price gained pace above the $0.3550 resistance zone, outperforming bitcoin and ethereum.
The price even spiked above the 50% Fib retracement level of the key decline from the $0.3965 swing high to $0.3320 low. The price is now trading near $0.360 and the 100 simple moving average (4-hours). An immediate resistance is near the $0.370 zone. The next key resistance is near the $0.372 level. It is near the 61.8% Fib retracement level of the key decline from the $0.3965 swing high to $0.3320 low.