Ripple Price Analysis: XRP/USD Likely To Resume Its Uptrend
Ripple price started a downside correction from the $0.2890-$0.2895 resistance area. XRP to USD is now holding the $0.2675 support and it could bounce back in the near term.
Key Takeaways: XRP/USD
- Ripple price is currently consolidating above the $0.2675 support area against the US Dollar.
- Earlier, XRP/USD traded below the $0.2800 support and a key bullish trend line on the 2-hours chart (data feed from Bitstamp)
- Bitcoin price is slowly gaining pace above the $9,800 resistance area.
Ripple Price Analysis
After trading to a new yearly high at $0.2896, ripple price started a downside correction. It seems like XRP to USD failed to test $0.3000 and declined below the $0.2850 pivot level.
Looking at the 2-hours chart, ripple price even broke the $0.2810 support level and the 50 simple moving average (2-hours, purple) to enter a short term bearish zone.
During the decline, there was break below the 23.6% Fib retracement level of the upward move from $0.2451 to $0.2896. Moreover, ripple price traded below the $0.2800 support and a key bullish trend line on the 2-hours chart.
It opened the doors for more losses below the $0.2720 support area. However, the $0.2675 area acted as a strong support (the last breakout zone).
Besides, the 50% Fib retracement level of the upward move from $0.2451 to $0.2896 is acting as a major buy zone. The price is currently consolidating above the $0.2675 support area. On the upside, the $0.2750 level is an initial hurdle along with the 50 simple moving average (2-hours, purple).
If there is an upside break above the $0.2750 level, ripple price is likely to resume its upward move. A clear break above the $0.2750 level could set the pace for more gains in the coming sessions towards $0.2810 and $0.2880.
Conversely, ripple price could struggle to stay above the main $0.2675 support area. In the mentioned case, the price is likely to resume its decline below the $0.2650 level. The next major support for the bulls is seen near the $0.2450 level. Overall, the trend is positive as long as ripple is above $0.2675.