Ripple Price Analysis

Ripple Price Analysis: XRP/USD Made Double Top?

Ripple Price Analysis XRP USD

Ripple price traded higher but failed near the $0.5530 level against the US Dollar. XRP/USD likely made a double top pattern and it could decline short term.

Key Talking Points

  • Ripple price traded higher recently, but it could not break the $0.5530 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $0.4900 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • The pair may perhaps find support on the downside near the $0.4950 and $0.4900 levels.

Ripple Price Forecast

During the past few sessions, there was a rise above the $0.4800 level in Ripple price against the US Dollar. The XRP/USD pair surged higher and traded above the $0.4950, $0.5250 and $0.5300 resistance levels.

However, the upside move was capped by the $0.5530 level. The stated level $0.5530 prevented gains earlier as well, which means the price was rejected twice recently from the $0.5530 level.

Ripple Price Analysis XRP USD

It seems like a double top pattern is forming near $0.5530 and the price may decline in the short term. It has already broke the 50% Fib retracement level of the last leg from the $0.4743 low to $0.5562 high.

At the moment, a pivot zone near $0.5080 is acting as a support. Moreover, the 61.8% Fib retracement level of the last leg from the $0.4743 low to $0.5562 high is also acting as a support at $0.5056.

Should there be a downside break below $0.5056, the price may test the 100 simple moving average (2-hours) at $0.4950. There is also a major bullish trend line forming with support at $0.4900 on the 2-hours chart of the XRP/USD pair.

As long as the price is above the 100 simple moving average (2-hours) at $0.4950, there is a chance that XRP might bounce back. However, a downside break below $0.4950 may ignite further losses towards the $0.4500 level in the near term.

On the upside, the $0.5500, $0.5530 and $0.5560 levels are major hurdles for an upside continuation in ripple price.

Trade safe traders and do not overtrade!

*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]
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