Ripple Price Analysis

Ripple Price Analysis: XRP/USD Uptrend Intact For This Reason

Ripple price rallied this week and broke key resistances at $0.4750 and $0.4950 against the US Dollar. XRP/USD remains well bid on the downside around $0.5000.

Key Talking Points

  • Ripple price traded above the $0.5650 level recently before correcting lower against the US Dollar.
  • XRP/USD is about to settle below a triangle support at $0.5290 on the 2-hours chart (Data feed via Bitstamp).
  • XRP price is likely to extend the current correction towards the $0.5060 or $0.4920 support.

Ripple Price Forecast

This week, there was a solid bullish wave from the $0.4600 swing low in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.4750 and $0.4950 resistance levels.

Ripple Price Analysis XRP Chart

Looking at the chart, the price gained momentum above the $0.5000 level and the 100 simple moving average (2-hours). Buyers took control and pushed the price above the $0.5200 and $0.5500 levels. A new monthly high was formed at $0.5655 before sellers appeared.

Later, the price started a downside correction and traded below the $0.5450 level and the 23.6% Fib retracement level of the last leg from the $0.4470 low to $0.5655 high. More importantly, the price traded in a contracting triangle for a few hours and it recently declined below the $0.5350 support.

Besides, the pair is about to settle below a triangle support at $0.5290 on the same chart. If there is a 2-hour close below $0.4290, the price may perhaps decline further towards the $0.5060 support.

The $0.5060 is a decent support since it is the 50% Fib retracement level of the last leg from the $0.4470 low to $0.5655 high. Below $0.5060, the next major support is near the $0.4750 level, which acted as a resistance on many occasions earlier and now it coincides with the 100 simple moving average (2-hours).

Therefore, dips from the current levels in ripple price remains well supported near the $0.5060 or $0.4750 levels. The overall market sentiment is positive and buyers are likely to take control again once the current correction is complete below $0.5200.

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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