XRP Price Seems Primed For Rally And Only 1 Thing Is Holding It Back
Key Takeaways:
Ripple price is attempting a key upside break above the $0.40 resistance zone.
XRP is following a crucial declining channel with resistance at $0.390 on the daily chart.
The price could rally if it settles above $0.390 and $0.400.
Ripple (XRP) Price Aims Higher | Photo by Moose Photos
New Delhi(CoinChapter): Ripple’s XRP is holding the key $0.350 support. The price might start a major rally if there is a daily close above the $0.400 resistance.
Ripple (XRP) Price Reaches Key Juncture
This past week, Ripple price found support near the key $0.350 zone against the US Dollar. The price remained well bid above the $0.350 support and avoided a downside break.
A low was formed near $0.3488 and the price started a slow increase, unlike Bitcoin. There was a move above the $0.368 resistance zone. The bulls were able to push the price above the 23.6% Fib retracement level of the key decline from the $0.4331 swing high to $0.3488 low.
Ripple’s daily price chart | Source: XRP/USD on TradingView.com
The price is now trading near the $0.3880 resistance zone and the 50-day simple moving average (blue). It is also following a crucial declining channel with resistance at $0.390 on the daily chart.
On the upside, the price seems to be facing resistance near the $0.390 and $0.400 levels. It is close to the 61.8% Fib retracement level of the key decline from the $0.4331 swing high to $0.3488 low.
A close above $0.400 might start a fresh rally. The next major resistance is near the $0.4325 zone. A close above the $0.4325 zone might call for a test of the $0.453 level. Any more gains might push XRP price toward the $0.50 resistance.
Another Failure?
If there is no upside break above the $0.400 resistance, Ripple price might correct lower. On the downside, an initial support is near the $0.368 level. The first major support is now forming near the $0.350 level.
A downside break below the $0.350 support might send the price toward the $0.318 support. A close below the $0.318 level could send the price toward the $0.300 zone. Any more losses below $0.300 might stage a strong decline. In the stated case, the price might even test the $0.265 support.
Overall, XRP price is showing a lot of bullish signs above the $0.368 level. If the bulls remain active, the price might surge toward the $0.435 and $0.45 levels. Conversely, the price might start a fresh decline and revisit $0.35.
The post XRP Price Seems Primed For Rally And Only 1 Thing Is Holding It Back appeared first on CoinChapter.
Filed under: Bitcoin - @ March 21, 2023 12:22 pm