Ripple Price Analysis: XRP/USD Primed For Further Gains


Ripple price surged higher recently above $0.4400 and $0.4600. XRP to USD is currently correcting lower, but the $0.4255 level is likely to act as a strong support and buy zone.

Key Takeaways: XRP/USD

  • Ripple price traded to a new monthly high at $0.4625 and recently corrected lower against the US Dollar.
  • XRP/USD is testing the $0.4320 support and a major bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is also correcting lower from well above $9,400 and Ethereum price is currently below $270.00.

Ripple Price Analysis

Earlier this week, bitcoin price extended gains above $9,300 and $9,400. It helped ripple and its price recently started a strong rise above the $0.4200, $0.4320 and $0.4400 resistance levels. XRP even broke the $0.4500 level and traded to a new monthly high.

Looking at the 2-hours chart, ripple price even traded above the $0.4600 level and settled well above the 50 simple moving average (2-hours, purple). A high was formed at $0.4625 and recently, the price started a sharp downside correction.

Ripple Price Analysis XRP Chart

There was a break below the $0.4520 support and the 50{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the recent wave from $0.4254 to $0.4625. Moreover, the price broke the $0.4400 support level.

It is currently testing the $0.4320 support and a major bullish trend line on the 2-hours chart. The 76.4{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the recent wave from $0.4254 to $0.4625 is also acting as a support.

If there is a downside break, the price could test the main support near the $0.4255 level. As long as ripple price is above $0.4255, it is likely to bounce back in the near term.

An initial resistance is near the $0.4400 level, above which ripple is likely to continue higher towards the $0.4480 and $0.4500 levels. If the bulls regain strength, XRP price could even retest the $0.4625 swing high.

Overall, ripple price is trading with a strong bullish bias above $0.4255 and $0.4150. Therefore, there are high chances of a fresh increase above the $0.4400 and $0.4480 resistance levels in the coming sessions.


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