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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
technical analysis ripple
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Ripple Price Analysis: XRP/USD Facing Key Resistance Near $0.3120

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ripple price recovered nicely after trading as low as $0.2700 against the US dollar.
  • There are two bearish trend lines in place with resistance at $0.3080 and $0.3120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct further higher, but it could face a strong resistance near $0.3120.

Ripple price has recovered nicely against the US Dollar and Bitcoin. XRP/USD is now facing key resistances near the $0.3100 and $0.3120 levels.

Ripple Price Recovery

After trading towards the $0.2700 level, Ripple price found a strong buying interest against the US Dollar. The XRP/USD pair started a solid recovery and moved above the $0.2850 resistance. The upside move was solid as the price broke the $0.2900 resistance. There was also a break above the 23.6% fib retracement level of the recent slide from the $0.3400 high to $0.2700 swing low.

The price even traded a few points above the $0.3200 level. However, it faced a strong resistance near the $0.3035 level. It represents the 50% fib retracement level of the recent slide from the $0.3400 high to $0.2700 swing low. More importantly, there are two bearish trend lines in place with resistance at $0.3080 and $0.3120 on the hourly chart of the XRP/USD pair. The pair is currently trading in a tight range near the $0.3000 level. It could correct further higher, but the second trend line, the $0.3120 resistance and the 100 hourly SMA are important barriers. Therefore, it won’t be easy for buyers to push the price above $0.3120 and the 100 hourly SMA.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price is showing positive signs above the $0.2850 level. It seems like the price may perhaps trade in a range above $0.2850 before making an attempt to clear $0.3120.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.

Major Support Level – $0.2850

Major Resistance Level – $0.3120

Tags: OpinionRipple PriceRipple Price AnalysisRipple Price ChartRipple Price Forecastripple xrptradingxrpxrp btcxrp usdXRPUSD
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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