Ripple Price Analysis

Ripple Price Analysis: Can XRP/USD Hold Gains?

Ripple price traded higher recently and broke the $0.8380 resistance against the US Dollar. XRP/USD is struggling to move above $0.8620, therefore, can it hold gains?

Key Talking Points

  • Ripple price is trading above the $0.8380-0.8400 support area against the US Dollar.
  • There was a break above a contracting triangle with resistance at $0.8460 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • The pair is trading above the 100 simple moving average (2-hours), but it is struggling to break the $0.8620 resistance.

Ripple Price Forecast

This week, there was a decent rise in Ripple price from the $0.7620 support area against the US Dollar. The XRP/USD pair moved higher and succeeded in surpassing the $0.7800 and $0.8000 resistance levels.

Looking at the chart, there was also a break above the 23.6% Fib retracement level of the last drop from the $0.9642 high to $0.7611 low. More importantly, there was a break above the 100 simple moving average (2-hours) and the $0.8380 resistance.

Ripple Price Analysis XRP

Buyers gained traction, opening the doors for more upsides above a contracting triangle with resistance at $0.8460 on the 2-hours chart of the XRP/USD pair. However, the upside move was capped by a major resistance near $0.8620-0.8640.

The stated resistance zone is near the 50% Fib retracement level of the last drop from the $0.9642 high to $0.7611 low. Therefore, a break and close above $0.8620 won’t be easy.

Once the price settles above $0.8620, it could accelerate towards the 76.4% Fib retracement level of the last drop from the $0.9642 high to $0.7611 low at $0.9200. Above this last, ripple price is likely to retest the last swing high of $0.9642.

On the downside, the price remains supported above the 100 simple moving average (2-hours) and $0.8400. If it fails to stay above the 100 SMA, there may perhaps be an extended decline towards the $0.8000 level.

The overall bias is positive, but a break above $0.8620 is must for further gains in XRP/USD.

Trade safe traders and do not overtrade!

*The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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