Ripple Price Analysis: Is XRP actually bullish?

5 months ago

Technical Indicators

Support Level – $0.2990

Resistance Level – $0.3080

  • Ripple price shaped strong support around $0.2940 and traded higher against the US dollar.
  • There was a break over two bearish pattern lines with resistance around $0.2980 on the hourly chart of the XRP/USD.
  • XRP tested the $0.3040 and $0.3050 resistance levels, where major selling pressure came in.
  • There could be a minor drawback correction before the price can actually spike above $0.3050 and $0.3080.

Ripple price is holding a couple of essential supports against the US Dollar and Bitcoin. XRP is probably going to increase bullish force once buyers are able to break the $0.3080 and $0.3100 resistance levels.

Ripple Price Analysis

After a couple of bearish moves, Ripple price shaped strong support around $0.2940 level against the US Dollar. XRP began a nice upside move and traded over the $0.2960 and $0.2980 resistance levels. It opened the entryways for more increases over the $0.2980 resistance. Afterward, Ripple price settled over the $0.3000 resistance and the 100 SMA.

Moreover, there was a break over two bearish pattern lines which were formed with resistance around $0.2980 on the hourly chart of the XRP/USD. The pair exchanged near the $0.3040 and $0.3050 resistance levels, where selling pressure increased. The primary support is close to the $0.3000 level, which was a critical resistance before.

The 100 hourly SMA is additionally close to the $0.2900 level to go about as strong support in the short term. To the upside, an underlying resistance is around $0.3050 level and next at $0.3080. The major resistance is near the $0.3100 level, above which buying pressure is probably going to increase.

XRPUSD Price Chart

Taking a look at the chart, ripple price is by all accounts set pleasantly over the $0.3000 support. In any case, an appropriate break above $0.3040 and $0.3050 resistance levels is required for more gains. For the time being, there could be a couple of bearish moves, however, Ripple price is probably going to pick up pace above $0.3050 and $0.3080.

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