Ripple Price Analysis: XRP/USD Jumps 10% But Rally Not Over Yet

Ripple price is up around 10% and it broke the $0.2400 resistance area. XRP to USD is currently rising and it looks set for a break above $0.2420 and $0.2450.

Key Takeaways: XRP/USD

  • Ripple price is trading in a nice uptrend above the $0.2250 and $0.2320 resistance levels against the US Dollar.
  • XRP/USD is likely to break the $0.2410 resistance and a contracting triangle barrier on the 2-hours chart (data feed from Bitstamp)
  • Bitcoin price is also rising steadily and it could soon break the $9,000 resistance area.

Ripple Price Analysis

In the past few sessions, there was a steady rise in ripple price above the $0.2200 and $0.2300 resistance levels. XRP to USD even broke the key $0.2320 resistance area to move into a bullish zone.

Ripple Price Analysis

Looking at the 2-hours chart, ripple price settled above the $0.2320 pivot level and the 50 simple moving average (2-hours, purple). Finally, there was a break above the $0.2400 resistance area and the price traded to a new 2020 high at $0.2453.

Recently, there was a strong downside correction from the $0.2450 resistance area. Ripple price traded below the $0.2350 and $0.2320 support levels. However, the price remained well bid near the $0.2250-$0.2260 zone.

A swing low is formed near $0.2256 and the price is currently rising. It already broke the $0.2350 resistance, and the 50% Fib retracement level of the recent decline from $0.2453 to $0.2256.

The current price action is positive and the price could continue to rise above $0.2400. Moreover, ripple is likely to break the $0.2410 resistance and a contracting triangle barrier on the 2-hours chart.

The 76.4% Fib retracement level of the recent decline from $0.2453 to $0.2256 is also near $0.2406. A clear break above the $0.2410 and $0.2420 levels might set the pace for more gains above the $0.2450 resistance levels.

Conversely, the price might correct again below the $0.2350 support level. The main support for the bulls are near the $0.2320 and $0.2250 levels, below which the price is likely to turn bearish in the near term.

Overall, ripple price is trading with a bullish bias above $0.2350 and $0.2320. Therefore, there are high chances of a push towards $0.2500 and $0.2550.

Live Ripple (XRP) Price:

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.0061

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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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