Ripple Price Analysis: XRP/USD Rally Could Extend Toward $0.40

Ripple price gained bullish momentum recently and broke the $0.3200 resistance against the US Dollar. XRP/USD is now placed nicely in a bullish zone and it could rally towards $0.3800 and $0.4000.

There was a decent price action during the past few days in the cryptocurrency market as bitcoin gained strong bids and broke the $6,500 and $6,800 resistance levels. BTC/USD even broke the $7,000 yesterday to set the pace for more gains. It opened the doors for more gains in ripple as its price climbed above the $0.3200 resistance zone.

Ripple Price Analysis, Chart and Key Takeaways (XRP/USD):

• Ripple price established a solid support near the $0.3100 and $0.3200 levels.
• There was a break above a major bearish trend line with resistance at $0.3300 on the 4-hours chart of XRP/USD.
• The pair may dip a few points, but buyers are likely to appear near the $0.3300 and $0.3200 levels.

Looking at the 4-hours chart, ripple price started a strong bullish wave from the $0.2460 swing low. It broke the $0.3200 and $0.3500 levels and traded as high as $0.3750.

Later, there was a downside correction and XRP price traded below the 23.6 percent Fibonacci retracement level of the last wave from the $0.2460 swing low to $0.3750 high. However, declines were protected by the $0.3100 support area.

Moreover, the 50 percent Fibonacci retracement level of the last wave from the $0.2460 swing low to $0.3750 high also acted as a strong support. The price formed a strong support base near the $0.3200 level and traded above the 55 and 100 simple moving average (4-hours).

There was also a break above a major bearish trend line with resistance at $0.3300 on the 4-hours chart of XRP/USD. The pair is now placed nicely above the $0.3200 and $0.3300 levels. It traded as high as $0.3560 recently and is currently correcting lower.

On the downside, the $0.3300 level, 100 SMA, 55 SMA, and the $0.3200 support are likely to act as strong supports for ripple buyers. On the upside, a break above the $0.3600 level and the $0.3750 high is likely to clear the path for a test of $0.4000.

Overall, the current market sentiment is very positive for ripple price and it could continue to grind towards $0.4000. Additionally, other altcoins like Ethereum, bitcoin cash, binance coin, litecoin, and ICX are also trading positively in the bullish zone.