XRP Key Support Could Provide Enough Power For New Rally

The XRP key support could provide enough power for a new rally as the price corrected from well above $0.5000 against the US dollar. The price is holding the key $0.3400 support and could resume higher to the $0.4200 and the $0.4400 level as we can see more in our latest Ripple XRP news.

Ripple started a fresh decline and failed to clear the $0.5500 resistance against the US dollar with the price holding the $0.3400 support zone and the 100-day simple moving average and the major bearish trend line forming resistance at 3400 support zone and the 100-day simple moving average and the major bearish trend line forming resistance at $0..
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4650 on the daily chart of the pair that could rise back to $0.4500 and the $0.4650 resistance level in the near-term.
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A clear break above $0.3200 made ripple go on a strong increase with a clear break above $0.400 resistance as well as the $0.5000 level as well. The price was even able to spike above $0.5200 and settled above the 100-day simple moving average but the bulls failed to clear $0.5500 resistnace while a new high was formed near $0.5343 before starting a new decline.

There was also a break below the $0.4200 and the $0.4000 support levels with the price declining below the 50% retracement level from the upwards move at $0.2456 swing low to $0.5343 high with the price holding the $0.3400 support zone with the 100-day simple moving average. The 61.8% fib retracement of the upwards move at $0.2456 swing low to the $0.5342 high that provides support. On the upside, the price is facing many hurdles near $0.400 and there’s also a major bearish trend line that is forming with the resistance on the $0.4650 on the daily charts of the pair. It now seems that the price could revisit the $0.4400 and the 40.4500 resistance level as long as it doesn’t break below $0.3200.

If XRP fails to launch a surge, it could find support near $0.3600 with the first major support nearing the $0.3550 level. The XRP key support is the one that could lead XRP on a new upwards move but if it fails, there could be another downside extension to the $0.2450 support zone.  The daily MACD for the pair is gaining more momentum in the bullish zone while the daily RSI is still above the 50 levels.