Ripple Price Analysis

Ripple Price Analysis: XRP/USD Reaching Crucial Juncture

Ripple Price Analysis XRP USD

Ripple price retested the $0.4250-0.4300 support area and bounced back against the US Dollar. XRP/USD must clear $0.4550-0.4660 resistance zone for more gains.

Key Talking Points

  • Ripple price is facing a tough resistance near the $0.4550 and $0.4660 resistances against the US Dollar.
  • There is a short-term bearish trend line formed with resistance at $0.4460 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • The pair has to remain above the $0.4250 and $0.4300 support levels to break to the upside.

Ripple Price Forecast

There was a slow and steady decline recently in Ripple price below the $0.4550 level against the US Dollar. The XRP/USD pair tested a major support area near $0.4250-0.4300 and bounced back.

Looking at the chart, the price traded above the $0.4550 resistance level and spiked above the 23.6% Fib retracement level of the last slide from the $0.5235 swing high to $0.4271 low.

Ripple Price Analysis XRP USD

However, the price faced a solid resistance near the $0.4660 level. Moreover, the price failed to settle above the $0.4550 barrier and the 100 simple moving average (2-hours). More importantly, there was no complete test of the 38.2% Fib retracement level of the last slide from the $0.5235 swing high to $0.4271 low.

The price declined and moved back below the $0.4550 level. It seems like there is a short-term bearish trend line formed with resistance at $0.4460 on the 2-hours chart of the XRP/USD pair.

Above the trend line, the 100 hourly SMA is positioned at $0.4550. Therefore, there are many barriers formed for buyers near the $0.4550 level, trend line, and the 100 hourly SMA.

Above $0.4550, the price has to move above the $0.4660 resistance to gain bullish momentum. Above this last, ripple price will most likely move higher towards the $0.4800 and $0.5000 levels.

On the downside, the recent low of $0.4271 is a crucial support. XRP/USD must hold above $0.4250 to start a decent recovery in the near term. If not, it may decline towards the $0.4000 support.

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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