Ripple Price Analysis: XRP/USD Bounce Inevitable


Ripple

Ripple Price Analysis: XRP/USD Bounce Inevitable

Ripple price is forming a triple bottom pattern near $0.4275 against the US Dollar. XRP/USD may perhaps trade higher if it continues to hold $0.4275.

Key Takeaways:

  • Ripple buyers successfully defended the $0.4275 support once again.
  • A connecting bearish trend line is formed with resistance near $0.4580 on the 4-hours chart.
  • As long as XRP price is above the $0.4275 support, it could bounce back in the near term.

Ripple Price Analysis

This week, ripple price dipped once again and traded below the $0.4400 level against the US Dollar. However, the $0.4275 area acted as a strong support and sparked a solid buying interest in XRP/USD.

The 4-hour chart indicates that the price formed a support base near the $0.4275 level and jumped higher. It traded above the $0.4480 level and the 23.6% Fib retracement level of the last major downside move from the $0.5247 high to $0.4268 low.

Ripple Price Analysis
Chart sourced by TradingView, Binance

However, the upside move was protected by the 100 SMA (4-hours) and the $0.4640 level. A rejection pattern was formed and the price dipped again. It seems like the price failed to breach the 38.2% Fib retracement level of the last major downside move from the $0.5247 high to $0.4268 low.

More importantly, there is a connecting bearish trend line formed with resistance near $0.4580 on the same chart. The price is currently moving lower towards the all-important $0.4275 support area.

The chart also indicates that ripple sellers failed on three occasions to break the $0.4275 support area. Therefore, there are high chances of XRP forming a triple bottom pattern near $0.4275.

To validate the pattern, ripple price has to move above the trend line, $0.4650, and the 100 SMA. Finally, a close above the 50% Fib level at $0.4758 will most likely push the price in a bullish territory.

The next targets in the mentioned scenario could be $0.5000 and $0.5200. Above this last, the price may well surge toward the $0.5500 barrier.

On the other hand, if ripple buyers fail to keep the price above the $0.4275 level, there may possibly be a sharp selloff. The next crucial supports on the downside are at $0.4100 and $0.4000.

Overall, traders need to keep a close watch on the $0.4275 support for the next move in ripple price in the near term.

Summary
Ripple Price Analysis: XRP/USD Bounce Inevitable
Article Name
Ripple Price Analysis: XRP/USD Bounce Inevitable
Description
Ripple price is forming a triple bottom pattern near $0.4275 against the US Dollar. XRP/USD may perhaps trade higher if it continues to hold $0.4275.
Author
Publisher Name
COINGAPE
Publisher Logo
Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Post your comment...
Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Follow Latika @