Ripple Price Analysis: XRP going to fly high?

6 months ago

Technical Indicators:

Significant Support Level – $0.320

Significant Resistance Level – $0.3350

  • Ripple price gained bullish momentum breaking the $0.3000, $0.3150 and $0.3250 resistances against the US dollar.
  • There was a break over two bearish pattern lines with resistance close $0.2920 on the hourly chart of the XRP/USD.
  • Ripple moved over the $0.3320 level and it is at present gaining bullish momentum with the support around $0.3200.

Ripple price bounced back upwards in the bullish zone against the US Dollar and Bitcoin. XRP/USD is trading with a bullish momentum and the rally is well supported close $0.3200.

Ripple Price Analysis

Firstly, Ripple price formed strong support close $0.2800, after which the price began a major correction against the US Dollar. The XRP/USD pair started a bull rally and broke numerous resistances between $0.3000 and $0.3200. Buyers easily cleared the 61.8% retracement level of the downward move from the $0.3180 high to $0.2775 low. The price settled above $0.3150 in addition to the 100 hourly SMA.

XRPUSD Price Chart

There was a break over two bearish pattern lines with resistance close $0.2920 on the hourly chart of the XRP/USD. The pair broke the $0.3200 and $0.3250 resistance levels to move into a positive zone. The bullish momentum was certain above $0.3300 and the price broke its weekly high at $0.3338. It is as of now going through a short term downward correction with the supports at $0.3250 and $0.3200. There is a bullish pattern line framed with support at $0.3200.

Taking a look at the chart, ripple price is currently in an uptrend over the $0.3200 and $0.3250 support levels. There could be a short term downward recovery, yet the price stays supported above $0.3150. On the upside, the key resistances are $0.3320, $0.3350 and $0.3420.

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