XRP price had a dip coming as low as $0.30 and even touched $0.2850 but found its support. With that, the price set on a new rally starting from $0.30 and managed to reach $0.38 by surpassing $0.35. At that point, it once again faced strong resistance and had to halt. Currently, XRP price is consolidating around $0.36.
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XRP Price Action Analysis
Taking a look at the 4-hour chart, we see Ripple within a downward channel hitting the top and bottom. Basically, the $0.30 to $0.28 zone is the bottom while the $0.38 remains on top of the channel. Therefore, XRP price faced the resistance at this point and backed down.
Currently, the $0.30 on the SMA100 is the first support level for the price. In case of successful support, the price can make another attempt to escape from the top.
For the bullish scenario, the $0.38 is the first resistance level followed closely by $0.40 and $0.42. After that, the $0.45 is the key resistance level for Ripple.
On the other hand, if XRP price fails to surpass $0.37 to $0.38 it could lose the $0.35 support. Naturally, further decline will follow.
For the bearish scenario, the $0.32 to $0.30 is the key support level. Losing this level would bring XRP to the bottom of this channel at $0.28.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator is losing the upward momentum.
RSI: the relative strength index is approximately 55.
Resistance levels: XPR`s first resistance level is at $0.38 followed by $0.40, $0.42 and finally $0.45.
Support levels: the first support level is at $0.35, then the $0.32 to $0.30 zone. Then the $0.28 and $0.2750 will follow.
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