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Ripple (XRP) Price Analysis: Up 10%, Bulls Are Not Done Yet

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Ripple price followed bitcoin and rallied above the $0.4420 resistance area. XRP corrected lower recently, but dips remain supported and the price seems to be eyeing more upsides above $0.4480.

  • The price recently gained nearly 10% and broke the $0.4210 and $0.4420 resistance levels.
  • XRP is currently trading inside a contracting triangle with support at $0.4300 on the 30-minute chart.
  • Ripple price is likely to accelerate higher once it clears the $0.4400 and $0.4480 resistances.

Ripple Price

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Ripple Price Analysis (XRP to USD)

This week, there was a strong upward move in ripple price from the $0.3760 swing low. XRP/USD rallied sharply and cleared many resistances, including $0.3850, $0.4020, $0.4120 and $0.4210.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.4420 resistance level and the 25 simple moving average (30-minute chart). A new weekly high was formed at $0.4488 and the price recently corrected lower.

It traded below the $0.4300 level, but the bulls defended the $0.4210 support area. As a result, there was a fresh increase above $0.4300 and the 50% Fib retracement level of the recent decline from the $0.4488 high to $0.4150 swing low.

The recent wave extended above the $0.4400 level, but the price failed to break $0.4410. The 76.4% Fib retracement level of the recent decline from the $0.4488 high to $0.4150 swing low also prevented gains.

At the moment, the price is trading inside a contracting triangle with support at $0.4300 on the same chart. It seems like the bulls are sighting an upside break above the $0.4300 and $0.4400 levels.

A clear break above the triangle and the $0.4488 swing high could open the doors for a larger rally above the $0.4500 and $0.4600 levels. The next key resistances are near $0.4950 and $0.5000.

On the downside, the main support is near $0.4300 and the 25 simple moving average (30-minute chart). Below $0.4300, ripple is likely to find a solid buying interest near the key $0.4210 support area. Overall, dips remain supported in XRP/USD and the pair is likely to climb further above $0.4488.

The market data is provided by TradingView, Bitfinex.

The post Ripple (XRP) Price Analysis: Up 10%, Bulls Are Not Done Yet appeared first on Blockonomi.

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