XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum
November 15 2022 - 12:38AM
NEWSBTC
Ripple started a strong increase above the $0.350 resistance
against the US Dollar. XRP price is now attempting a key upside
break above the $0.380 resistance. Ripple started a fresh increase
from the key $0.320 support zone against the US dollar. The price
is now trading below $0.400 and the 100 simple moving average
(4-hours). There is a major bearish trend line forming with
resistance near $0.380 on the 4-hours chart of the XRP/USD pair
(data source from Kraken). The pair could start a strong increase
if it clears the $0.38 resistance zone. Ripple Price Starts Fresh
Increase After a sharp decline, ripple’s XRP found support near
$0.320 against the US Dollar. The bears made two attempts to push
the price below the $0.32 support, but they failed. The recent low
was formed near $0.32 before there was a fresh increase. XRP price
climbed over 15% and cleared the $0.35 resistance, outperforming
bitcoin and ethereum. The price climbed above the 23.6% Fib
retracement level of the downward move from the $0.5099 swing high
to $0.3200 swing low. The price gained pace for a move above the
$0.360 resistance. However, it is now trading below $0.400 and the
100 simple moving average (4-hours). It is now facing hurdles near
$0.380. There is also a major bearish trend line forming with
resistance near $0.380 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com A successful break above the
$0.380 and $0.385 resistance levels could spark another rally. The
next key resistance is near the $0.415 level. It is near the 50%
Fib retracement level of the downward move from the $0.5099 swing
high to $0.3200 swing low. Any more gains might send the price
towards the $0.44 level. Dips Limited in XRP? If ripple fails to
clear the $0.380 resistance zone, it could start a downside
correction. An initial support on the downside is near the $0.365
level. The next major support is near $0.342. If there is a
downside break and close below the $0.342 level, xrp price could
extend losses. In the stated case, the price could even decline
below the $0.320 support. Technical Indicators 4-Hours MACD – The
MACD for XRP/USD is now gaining pace in the bullish zone. 4-Hours
RSI (Relative Strength Index) – The RSI for XRP/USD is now above
the 50 level. Major Support Levels – $0.365, $0.342 and $0.320.
Major Resistance Levels – $0.380, $0.385 and $0.415.
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