Satoshi Nakamoto Blog
Image default
price Ripple Ripple Price xrp XRP Price

Ripple (XRP) Price Analysis: Slow and Steady Rise


Ripple price is slowly moving higher towards the $0.3820 and $0.3850 resistances. XRP remains supported on dips near the $0.3725 and $0.3660 levels.

  • Ripple price tested the $0.3660 support recently and later recovered above $0.3725.
  • There is a crucial bullish trend line formed with support at $0.3725 on the 30-minute chart.
  • XRP is likely to move higher towards the $0.3820 and $0.3850 resistance levels.

Ripple Price Analysis

After a short term downside correction, ripple price found support near the $0.3660 level. XRP recovered recently and moved above the $0.3725 and $0.3780 resistance levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair even traded towards the $0.3820 level and settled above the 25 simple moving average (30-minute). A high was formed at $0.3825 recently and the price corrected below the $0.3800 level.

Sellers pushed the price below the $0.3780 level and the 50% Fib retracement level of the last wave from the $0.3665 low to $0.3825 high. However, the decline was protected by the $0.3700 support and later the price bounced back above $0.3725 and the 25 simple moving average (30-minute).

Moreover, the 76.4% Fib retracement level of the last wave from the $0.3665 low to $0.3825 high acted as a support. Finally, there is a crucial bullish trend line formed with support at $0.3725 on the same chart.

The price is currently trading nicely above $0.3725 and the 25 SMA. If there is a downside break below the trend line, the price may test the key $0.3660 support area. Further below $0.3660, sellers are likely to take control for a push towards the $0.3550 level.

On the other hand, if the price continues to move higher, it could breach the $0.3820 and $0.3825 levels. The next major resistance is near the $0.3840 level, above which ripple price will most likely accelerate towards the $0.4000 hurdle in the coming sessions. The overall price action and technical structure is positive for XRP as long as it stays above the $0.3660 support area.

The market data is provided by TradingView, Bitfinex.



Source link

Related posts

Breaking: Proprietor of NYSE Companions with Microsoft, BCG and Starbucks to launch a World Bitcoin Market

satoshi

XRP Technical Analysis: Bears to dominate the market on a long run

satoshi

60% of Users Prefer XRP Over Any Other Cryptocurrency, Weiss Ratings Poll Concludes

satoshi

Ripple Price Analysis: XRP’s Rally Runs Into Resistance But More Gains Likely

satoshi

Hovering Around Same the Level

satoshi

XRP Price Bounces Back Strongly as Gains Pile Up

satoshi