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Ripple Price Analysis: XRP/USD Approaching Breakout?

Ripple price succeeded in settling above the $0.6300 pivot level against the US Dollar. XRP/USD is now approaching a crucial breakout with resistance near the $0.7000 level.

Key Talking Points

·         Ripple price made a decent upside move and broke the $0.6300 pivot level against the US Dollar.

·         There is currently a major contracting triangle forming with resistance near $0.7000 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).

·         On the downside, the $0.6600 level is a key support followed by the $0.6300 pivot level.

Ripple Price Forecast

There was a decent start of a new upside move from the $0.5377 low in Ripple price against the US Dollar. The XRP/USD pair broke the$0.6300 pivot level and settled above the same.

The upside move was strong as the pair even broke the $0.7000 handle and settled well above the 100 simple moving average (2-hours). The price traded as high as $0.7250 before a downside correction was initiated.

Ripple Price Analysis

It declined and traded below the 23.6% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high. However, the downside wave was protected by the $0.6600 support and the 100 simple moving average (2-hours).

Moreover, the 38.2% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high also acted as a support. At the moment, there is a major contracting triangle forming with resistance near $0.7000 on the 2-hours chart of the XRP/USD pair.

The pair may trade in the triangle for some time before making the next move either above $0.7000 or below $0.6600. A break above the $0.7000 level could push the price towards the $0.7250 level.

On the flip side, if the price fails to stay above $0.6600, there can be a test of the 50% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high at $0.6315.

The current bias is positive and if the price succeeds in breaking the triangle at $0.7000, there can be a major upside move.

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: aayushjindal@ethereumworldnews.com
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