- Ripple price started a decent recovery from the $0.3840 support area against the US dollar.
- The price traded above the $0.4000 resistance and it is currently showing positive signs.
- There was a break above a connecting bearish trend line with resistance at $0.4010 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently trading above the $0.4150 resistance and it could continue higher in the near term.
Ripple price is showing positive signs against the US Dollar and bitcoin. XRP could continue to climb higher once it clears the key $0.4250 resistance area in the coming sessions.
Ripple Price Analysis
After a strong downward move, ripple price found support near the $0.3840 area against the US Dollar. The XRP/USD pair traded as low as $0.3837 and recently started an upside correction. It recovered above the $0.3950 resistance to move into a short term bullish zone. There was a break above the 23.6% Fib retracement level of the recent drop from the $0.4653 high to $0.3837 low. There was a close above the $0.4000 resistance and the 100 hourly simple moving average.