Ripple Price Analysis: XRP/USD Approaching Breakout?

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Ripple price succeeded in settling above the $0.6300 pivot level against the US Dollar. XRP/USD is now approaching a crucial breakout with resistance near the $0.7000 level.




Key Talking Points

  • Ripple price made a decent upside move and broke the $0.6300 pivot level against the US Dollar.
  • There is currently a major contracting triangle forming with resistance near $0.7000 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • On the downside, the $0.6600 level is a key support followed by the $0.6300 pivot level.

Ripple Price Forecast

There was a decent start of a new upside move from the $0.5377 low in Ripple price against the US Dollar. The XRP/USD pair broke the$0.6300 pivot level and settled above the same.

The upside move was strong as the pair even broke the $0.7000 handle and settled well above the 100 simple moving average (2-hours). The price traded as high as $0.7250 before a downside correction was initiated.









It declined and traded below the 23.6% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high. However, the downside wave was protected by the $0.6600 support and the 100 simple moving average (2-hours).

Moreover, the 38.2% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high also acted as a support. At the moment, there is a major contracting triangle forming with resistance near $0.7000 on the 2-hours chart of the XRP/USD pair.

The pair may trade in the triangle for some time before making the next move either above $0.7000 or below $0.6600. A break above the $0.7000 level could push the price towards the $0.7250 level.

On the flip side, if the price fails to stay above $0.6600, there can be a test of the 50% Fib retracement level of the last wave from the $0.5377 low to $0.7250 high at $0.6315.

The current bias is positive and if the price succeeds in breaking the triangle at $0.7000, there can be a major upside move.




Trade safe traders and do not overtrade!

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