Ripple Price Analysis

Ripple Price Analysis: XRP/USD Recovery Could be Capped

Ripple Price Analysis XRP Chart

Ripple price tumbled recently below $0.3800 against the US Dollar. XRP/USD may recover in the short term, but it is likely to face hurdles near $0.4350.

Key Talking Points

  • Ripple price fell significantly and dropped below the $0.4000 support against the US Dollar.
  • There was a break below a contracting triangle with support at $0.4200 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • XRP price is recovering, but there are many resistance on the upside near $0.4350.

Ripple Price Forecast

During the past three days, there were losses noted below the $0.5800 level in Ripple price against the US Dollar. The XRP/USD pair declined heavily and broke the $0.4800 and $0.4400 support levels.

Ripple Price Analysis XRP Chart

Looking at the chart, the price even broke the $0.4200 and $0.4050 support levels to move into a negative zone. The price broke the $0.3800 level and is currently trading well below the 100 simple moving average (2-hours).

During the decline, there was a break below a contracting triangle with support at $0.4200 on the 2-hours chart of the XRP/USD pair. The pair traded as low as $0.3735 and later the price started an upside correction.

There was a break above the 23.6% Fib retracement level of the last decline from the $0.4989 high to $0.3757 low. On the upside, there is a strong resistance formed near the $0.4350 level.

The 50% Fib retracement level of the last decline from the $0.4989 high to $0.3757 low is also near the $0.4350 level. Moreover, the triangle resistance trend line is still active with resistance near the $0.4400 level.

Therefore, if ripple price corrects higher, it is likely to face a lot of barriers near the $0.4350 and $0.4400 levels. Above these, the price is likely to recover towards the $0.5000 level.

On the downside, an initial support is near the $0.3800 level, below which the price could tumble further. The next major support below $0.3800 for XRP/USD is near the $0.3500 level.

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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