Following a severe decrease, support for ripple’s XRP versus the US Dollar was located near $0.320. Two efforts by the bears to lower the stock below the $0.32 support were unsuccessful.
Before there was a new gain, the most recent low was created around $0.32. Outperforming both bitcoin and ethereum, the price of XRP increased by nearly 15% and broke through the $0.35 obstacle. Price increased over the 23.6% Fibonacci retracement level of the decline from the swing high of $0.5099 to the swing low of $0.3200.
Image Source: XRPUSD on TradingView.com
For a move above the $0.360 barrier, the price picked up speed. It is currently trading below $0.400 and the 100 simple moving average, though (4-hours). Obstacles are currently present around $0.380. On the 4-hours chart of the XRP/USD pair, a significant bearish trend line with resistance near $0.380 is also developing.
Another rally might be sparked by a successful break above the $0.380 and $0.385 resistance levels. Near the $0.415 level is the next significant obstacle. It is very close to the level of the 50% Fibonacci retracement of the decline from the $0.5099 swing high to the $0.3200 swing low. If there are any further gains, the price may move closer to $0.44.