Ripple Price Analysis

Ripple Price Analysis: XRP/USD To Break Higher?

Ripple price declined recently and tested the $0.7500 support zone against the US Dollar. XRP/USD is currently correcting higher and is preparing for an upside break.

Key Talking Points

  • Ripple price declined this week and tested a key support level at $0.7500 against the US Dollar.
  • There is a major bearish trend line formed with resistance at $0.8000 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • The pair seems to be struggling to break the trend line resistance and $0.8200.

Ripple Price Forecast

There was a declining phase this week in Ripple price from the $0.8750 level against the US Dollar. The XRP/USD pair declined sharply, broke the $0.8000 support and almost tested the $0.7500 zone.

Looking at the chart, there is a strong support above the $0.7500 level, which acted as a buy zone during the last week of May 2018 as well. The recent decline stopped near the same level and a low was formed at $0.7549.

Ripple Price Analysis XRP

Later, the price started an upside move and moved above the 23.6% Fib retracement level of the last decline from the $0.9233 high to $0.7549 low. However, the upside move was protected by a major bearish trend line with current resistance at $0.8000 on the 2-hours chart of the XRP/USD pair.

Moreover, the 38.2% Fib retracement level of the last decline from the $0.9233 high to $0.7549 low also acted as a resistance. At the moment, the price is consolidating below the $0.8000 level and is preparing for the next move.

A successful close above $0.8000 could push the price in the bullish zone. The next stop for buyers in the mentioned case could be $0.8450 and the 100 simple moving average (2-hours).

An intermediate resistance is at the 50% Fib retracement level of the last decline from the $0.9233 high to $0.7549 low at $0.8391.

On the downside, the $0.7800 level is a short-term support. However, if buyers fail to break the $0.8000 level, ripple price may perhaps retest the $0.7500 support.

Trade safe traders and do not overtrade!

*The market data is provided by TradingView.

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: aayushjindal@ethereumworldnews.com
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