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XRP to USD, 9th May: Ripple Price Analysis, Off to $0.31000 following BTC?

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Technical Indicators:

Support Level: $0.2950, $0.2915

Resistance Level: $0.3000, $0.3020, $0.3050

 

Key Points:

  • Ripple price was able to find support around $0.2915 and recovered upwards nicely.
  • The buying pressure increased massively and ETH price broke above the $0.2950 resistance level to move into a positive zone.
  • The bearish pattern which was being formed yesterday with resistance around $0.3000 on the hourly chart still remains on the same chart.
  • Ripple price will turn bullish once it breaks above the $0.3000 and $0.3020 resistance levels.

 

Ripple Price Analysis:

SUMMARY: Ripple price started an upward recovery yesterday after the price of bitcoin gained bullish momentum. XRP will most likely become bullish once it breaks above the $0.3000 and $0.3020 resistance levels.

 

Ripple price corrected downwards yesterday after falling below the $0.3000 support level. The selling pressure increased beneath this range and XRP soon crashed below the $0.2950 and the 100 hourly SMA. However, Ripple price found decent support around $0.2915 level after falling up to $0.2912 yesterday. Unsurprisingly, the surging price of bitcoin led to other top cryptocurrencies also surging.

 

XRP price was able to recover over the $0.2950 resistance level, $0.2980 level and the 100 hourly SMA soon. Ripple price is soon going to approach the bearish pattern which was being formed with resistance around $0.3000 on the hourly chart yesterday. If Ripple price is able to break above the $0.3000 and $0.3020 resistance levels in the short term, it is going to turn bullish and move towards $0.3050 and $0.3100 levels. However, if Ripple price is unable to break above $0.3000 in the short term, it might fall back towards $0.2950, $0.2915 and $0.2900 support levels.

 

XRPUSD Price Chart 9th May
XRPUSD Price Chart 9th May

The chart shows that XRP will most likely break above $0.3000 resistance level soon. The current momentum is quite bullish and signals a move towards $0.3020 and $0.3050 resistance levels.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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