Ripple Price Analysis

Ripple Price Analysis: XRP/USD Gains Could be Limited

Ripple Price Analysis XRP Chart

Ripple price remained in a major downtrend below $0.3120 support against the US Dollar. XRP/USD recently found support near $0.2520 and it is currently recovering.

Key Talking Points

  • Ripple price traded towards the $0.2520 level where buyers emerged against the US Dollar.
  • There was a break above a major declining channel with resistance at $0.2705 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • XRP price is currently above $0.2700, but it could face sellers near the $0.2788 and $0.2820.

Ripple Price Forecast

There were more losses noted below the $0.3120 support in Ripple price against the US Dollar. The XRP/USD pair broke the $0.2820 and $0.2700 support levels this week and traded towards $0.2500.

Ripple Price Analysis XRP Chart

Looking at the chart, the price even settled below the $0.2820 pivot level and the 100 SMA (2-hours). A new monthly low was formed at $0.2530 and later the price started an upside correction.

Buyers were successful in pushing the price above the $0.2640 and $0.2680 resistance levels. There was also a break above the 23.6% Fib retracement level of the recent drop from the $0.3046 high to $0.2530 low.

More importantly, there was a break above a major declining channel with resistance at $0.2705 on the 2-hours chart of the XRP/USD pair. The pair settled above the $0.2700 level, but it is facing a lot of barriers on the upside near the $0.2820 level.

An initial resistance is near $0.2788 and the 50% Fib retracement level of the recent drop from the $0.3046 high to $0.2530 low. Above this, the $0.2820 level is a crucial hurdle along with the 100 SMA (2-hours).

If XRP succeeds in settling above the 100 SMA (2-hours) and $0.282, it could recover further towards the $0.2924 level.

On the other hand, if ripple price fails to move above the $0.2820 resistance or the 100 SMA (2-hours), there could be a fresh downside reaction. Supports are seen near the $0.2620 and $0.2520 levels in the near term.

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: [email protected]
Related posts
Ripple Price Analysis

Ripple (XRP) Remains In Strong Downtrend Versus Bitcoin (BTC)

Ripple Price Analysis

Can Ripple (XRP) Hold This Key Support Versus Bitcoin (BTC)?

Ripple Price Analysis

Ripple (XRP) Dominated By Bitcoin (BTC) Recent Upsurge

Ripple Price Analysis

Ripple (XRP) Price Could Break Higher Versus Bitcoin (BTC)