Ripple Price Analysis

Ripple Price Analysis: XRP/USD Could Accelerate Above $0.40

Ripple Price Analysis XRP Chart

Ripple price formed a solid support at $0.3110 and later recovered against the US Dollar. XRP/USD is likely to accelerate gains once there is a break above the $0.4000 resistance.

Key Talking Points

  • Ripple price recovered recently above $0.3650 and tested the $0.3985 resistance against the US Dollar.
  • XRP/USD broke a key bearish trend line with resistance at $0.3765 on the 2-hours chart (Data feed via Bitstamp).
  • XRP price is currently struggling to break the $0.3975-0.4000 resistance area.

Ripple Price Forecast

After a major decline, ripple price found support just above the $0.3000 level against the US Dollar. The XRP/USD pair started an upside move and traded above the $0.3400 and $0.3650 resistance levels.

Ripple Price Analysis XRP Chart

Looking at the chart, the price traded as low as $0.3115 before started a solid recovery. Buyers pushed the price above the $0.3650 resistance and the 23.6% Fib retracement level of the last slide from the $0.5183 high to $0.3115 low.

More importantly, the price broke a key bearish trend line with resistance at $0.3765 on the 2-hours chart. It opened the doors for more gains and the price traded above the $0.3850 and $0.3900 resistance levels.

However, the upside move was capped by the $0.3975-0.4000 resistance area, which was a support earlier. Moreover, the price failed to settle above the $0.3920 and the 100 simple moving average (2-hours).

The price is currently retreating from highs and it is currently trading near $0.3750. However, there are many supports on the downside near the $0.3700 and $0.3600 support levels. Below $0.3600, the price will most likely move back in a bearish zone towards the $0.3400 level.

On the other hand, if the price climbs higher and breaks the $0.4000 resistance, there could be more gains. The next resistance is $0.4150 and the 50% Fib retracement level of the last slide from the $0.5183 high to $0.3115 low.

Overall, ripple price is placed nicely in a bullish zone above $0.3600 and if there is an upside break above $0.4000, there could be bullish acceleration in XRP.

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
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