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.

Ripple Price Analysis

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.

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

$0.01

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