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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 Weekly Analysis: XRP Likely Preparing For Next Upside Break

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read
  • Ripple price tested the $0.3400 resistance area on a few occasions against the US dollar.
  • The price failed to break the $0.3380-0.3400 resistance and declined below $0.3200.
  • There is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip to test the $0.3050 support area before it could break to the upside above $0.3150.

Ripple price seems to be preparing for the next bullish break against the US Dollar and bitcoin. XRP/USD could rally once it breaks the $0.3150 resistance area in the near term.

Ripple Price Analysis

This past week, we saw a nasty upward move in ripple price above the $0.3200 resistance against the US Dollar. The XRP/USD pair rally was triggered by the Coinbase Pro listing, but it faced a strong resistance near $0.3400. There were a few moves, with intermediate lows near $0.3150, but the price failed to clear $0.3400. There were most than two attempts to break the $0.3380-0.3400 resistance. As a result, there was a sharp decline and the price broke the $0.3250 and $0.3200 support levels.

The last swing low was formed at $0.2984 and the price later recovered above $0.3050. There was a break above the 50% Fib retracement level of the last decline from the $0.3391 high to $.2984 low. The price even spiked above the $0.3180 resistance and the 100 simple moving average (4-hours). Having said that, sellers defended the $0.3230 level and prevented further gains. The 61.8% Fib retracement level of the last decline from the $0.3391 high to $.2984 low also acted as a resistance.

At the moment, there is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair. The pair seems to be currently in the 5th wave, which could complete anywhere near the $0.3050 level. As long as the price is trading above the $0.3050 and $0.3000 support levels, there is a risk of an upside break. A close above the $0.3150 resistance could trigger bullish moves towards $0.3230 and $0.3300.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price has formed a solid support above $0.2950 and $0.3000. Therefore, there are high chances of an upside break above $0.3150 and $0.3180. Besides, bitcoin and Ethereum may also follow XRP if buyers gain pace above the $0.3150 resistance level in the near term.

Technical Indicators

4 hours MACD – The MACD for XRP/USD is slightly placed in the bearish zone, but it could move back in the positive zone.

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

Major Support Level – $0.3000

Major Resistance Level – $0.3150

Tags: Ripplexrp
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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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