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Ripple Price Analysis: Can XRP/USD Recover Above $0.88?

Ripple Price Analysis

Ripple price nosedived recently and traded below the $0.7900 level against the US Dollar. XRP/USD is currently correcting higher, but it may face sellers near $0.8800.

Key Talking Points

  • Ripple price was under a lot of pressure and it tumbled below the $0.7900 level against the US Dollar before starting a recovery.
  • The XRP/USD pair is currently attempting a break above a key bearish trend line with resistance at $0.0.8590 on the 2-hours chart (Data feed via Bitstamp).
  • The pair may move further higher, but it could face sellers near a major hurdle at $0.8800.

Ripple Price Forecast

There was an increase in downside pressure on Ripple price after it broke the $0.9400 support against the US Dollar. The XRP/USD pair tumbled and broke the $0.8000 and $0.7900 support levels to set the pace for more declines.

It traded as low as $0.7851 and is currently trading well below the 100 simple moving average (2-hours). An upside correction is underway and the price has moved above the 23.6% Fib retracement level of the last downside move from the $0.9797 high to $0.7851 low.

Moreover, the XRP/USD pair is currently attempting a break above a key bearish trend line with resistance at $0.0.8590 on the 2-hours chart. If the pair succeeds in closing above the trend line at $0.8590, there could be more gains.

However, there is a monster resistance on the upside near the $0.8800 level. The stated $0.8800 level acted as a buy zone previously, and now it is likely to act as a barrier for buyers.

Moreover, the $0.8800 level is also close to the 50% Fib retracement level of the last downside move from the $0.9797 high to $0.7851 low.

Therefore, a break and close above $0.8800 won’t be easy. If buyers succeed, the pair will most likely move further higher and it could even break the $1.00 level.

On the downside, the $0.8400 level is a short-term support. Below $0.8400, the price may test the $0.7850 level.

Trade safe traders and do not overtrade!

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: [email protected]