Ripple Price Analysis: XRP/USD Could Soon Rally

ripple

Ripple Price Analysis: XRP/USD Could Soon Rally

Ripple price is holding a strong support near $0.3320 against the US Dollar. XRP/USD is likely to make an upward move soon towards the $0.3550 resistance zone.

Key takeaways

  • Ripple price declined recently, but stayed above the $0.3320 support.
  • XRP/USD is trading nicely above a monster bullish trend line with support at $0.3340 on the 4-hours chart.
  • XRP price is likely to climb higher in the near term towards the $0.3500 and $0.3550 resistances.

Ripple price analysis

After getting rejected from the $0.3550 resistance, ripple price declined sharply against the US Dollar. XRP/USD broke the $0.3420 support zone and traded towards the next support at $0.3300-0.3320.

The 4-hours chart indicates that the price found a strong support above the $0.3000 level and the 100 simple moving average (4-hours). A low was formed at $0.3301 and the price slowly recovered.

Ripple
Chart sourced by TradingView, Binance.

More importantly, the price is trading nicely above a monster bullish trend line with support at $0.3340 on the same chart. Clearly, both the trend line and the 100 SMA (4-hours) are holding declines below $0.3220 in XRP/USD.

The pair has recovered above the 23.6% Fibonacci retracement level of the last drop from the $0.3555 high to $0.3301 low. The last two 4-hour candles are suggesting a positive price action above the $0.3350 level.

The next resistance for ripple buyers is the 50% Fibonacci retracement level of the last drop from the $0.3555 high to $0.3301 low at $0.3428. Above this, the price is likely to rally towards the all-important $0.3550 resistance area.

Finally, a break above the $0.3550 barrier could open the doors for more gains towards the $0.3800 and $0.3950 levels in the near term. On the other hand, if the price declines below the trend line and settles below the $0.3300 level, it may perhaps come under a lot of selling pressure. The next key supports are $0.3250 and $0.3220.

Overall, ripple price is trading above the solid $0.3300 support, and as long as it is holding the stated support, buyers are likely to take control for a push towards the $0.3550 resistance.

Also, read: Ripple Accelerates Network Expansion and XRP Adoption Indicating Price could go Higher

Summary
Ripple Price Analysis: XRP/USD Could Soon Rally
Article Name
Ripple Price Analysis: XRP/USD Could Soon Rally
Description
Ripple price is holding a strong support near $0.3320 against the US Dollar. XRP/USD is likely to make an upward move soon towards the $0.3550 resistance zone.
Author
Publisher Name
COINGAPE
Publisher Logo
View comments
Latika Mehrotra 53 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 @