HomeAltcoin NewsRipple Price Analysis: Recovery Likely Unless XRP Breaks $0.80

Ripple Price Analysis: Recovery Likely Unless XRP Breaks $0.80

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  • Ripple price is trading above the key $0.8000 support zone against the US dollar.
  • The price is now struggling to clear $0.9000 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.8600 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a major increase unless there is a clear downside break below $0.8000.

Ripple price is trading in a bearish zone below $1.00 against the US Dollar. XRP price could start a decent recovery if it settles above the $0.9000 pivot level.

Ripple Price Analysis

After a failed attempt to settle above $1.0, ripple price started a fresh decline against the US Dollar. The XRP/USD pair broke the $0.92 and $0.90 support levels to move into a bearish zone.

It even settled below the $0.90 level and the 55 simple moving average (4-hours). A low was formed near $0.7922 and the price is now recovering higher. There was a break above the $0.8500 resistance level. Ripple climbed above the 23.6% Fib retracement level of the downward move from the $1.10 swing high to $0.7922 low.

There was also a break above a key bearish trend line with resistance near $0.8600 on the 4-hours chart of the XRP/USD pair. The pair is now struggling to clear $0.9000 and the 55 simple moving average (4-hours).

The next major resistance is near the $0.9460 level. It is near the 50% retracement level of the downward move from the $1.10 swing high to $0.7922 low.

The main hurdle is still near the $1.00 level. A close above $1.00 could pop the price towards the $1.10 resistance zone in the near term. If there is no upside break, the price could correct below $0.850. The main support is near $0.80, below which the bears are likely to aim a larger decline.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly facing hurdles near $0.9000 and the 55 simple moving average (4-hours). Overall, the price could start a major increase unless there is a clear downside break below $0.8000.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level.

Key Support Levels – $0.85, $0.82 and $0.80.

Key Resistance Levels – $0.90 and $1.00.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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