Ripple Sets Eyes On Fresh Rally To $0.35 While Dips Remain Supported

Ripple sets eyes on a new rally towards $0.35 after it started a strong recovery wave above the $0.3100 level against the US dollar as we are reading more in today’s Ripple price news.

XRP is now correcting the gains from $0.3700 but the dips remain limited. Ripple rallied above the $0.320 and the $0.35 resistance levels against the US dollar with the price testing the $0.37 before correcting lower. However, XRP settled above the 100 simple moving average with a major bearish trend line forming with the resistance of $0.34 on the 4-hour charts of the pair. The pair could hold strong support near the $0.300 and the $0.28 levels. Over the past few days, ripple’s price saw a huge increase above the $0.2500 resistance level and the bulls gained more strength which resulted in an upwards move above the $0.300 barrier.

The price surged above the $0.32 level and settled above the 100 simple moving average with the price crashing the $0.35 level before the bears were able to take a stand near the $0.3700 zone.  There were two other occasions by the bulls to try and gain momentum above $0.37 but they were not successful. A swing high was formed close to the $0.37 before the price started a new downside correction with the price trading below the $0.35 level. There was also a break below the 23.6% fib retracement level from the upwards wave of $0.219 swing low to $0.37 swing high. Ripple sets eyes on a new rally now with the 50% fib retracement level of the upwards wave from $0.2190 swing low to $0.37 swing high nearing the $0.2950 level.

More losses could bring the price as low as the $0.25 support level. If Ripple remains stable above the $0.29 there are more chances of a fresh increase with an initial resistance on the upside level being set at $0.3250. The main resistance is near the $0.35 level and a close above it could pump the price above $0.37. the hourly MACD for the pair is losing momentum in the bullish zone while the 4-hour RSI is correcting lower to the 50 level.

As reported earlier, According to Ripple CEO Brad Garlinghouse, Ripple tried to settle with the US SEC but to no avail. Back in December, the SEC filed a $1.3 billion lawsuit against Ripple and the co-founder Chris Larsen as well as Brad Garlinghouse for their alleged role in selling XRP.