Ripple Price Analysis

Ripple Price Analysis: XRP/USD Back in Uptrend Above $0.3120

Ripple Price Analysis XRP USD

Ripple price rallied recently and broke the $0.3120 resistance against the US Dollar. XRP/USD is now placed nicely in a positive zone and it could move past $0.3400.

Key Talking Points

  • Ripple price broke a crucial resistance at $0.3120 and settled above it against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $0.2800 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • XRP price is consolidating above the $0.3120 pivot level and it looks set for more gains.

Ripple Price Forecast

This week, there was a sharp rise in Ripple price from the $0.2650 support area against the US Dollar. The XRP/USD pair started a solid upward move and traded above the $0.2840 and $0.3120 resistance levels.

Ripple Price Analysis XRP USD

Looking at the chart, the price cleared many important hurdles, and settled above the $0.3120 resistance plus the 100 SMA (2-hours). Moreover, there was a break above the $0.3200 resistance and the price traded as high as $0.3347.

During the rise, there was a break above a major bearish trend line with resistance at $0.2800 on the 2-hours chart of the XRP/USD pair. These all are positive signs above $0.3000 and the price seems to be consolidating currently in a range above $0.3120.

The previous resistance near the $0.3120 level is now acting as a strong support for buyers. Though, there was a break below the 23.6% Fib retracement level of the recent wave from the $0.2660 low to $0.3347 high.

However, downsides were limited by the $0.3120 support and the 38.2% Fib retracement level of the recent wave from the $0.2660 low to $0.3347 high.

As long as the price is above the $0.3120 support area, there could be more range moves in the short term. On the upside, if ripple price surpasses the $0.3347 high, there could be more gains towards the $0.3400 and $0.3500 levels. On the other hand, below $0.3120, the price may perhaps test $0.3020.

The market data is provided by TradingView.

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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