Ripple Price Analysis: XRP/USD’s Renewed Buying Interest

2018-9-27 08:17

Ripple price is positioned in a bullish zone above the $0.4600 support against the US Dollar. XRP/USD could continue to move higher towards the $0.5950 resistance.

Key Talking Points

Ripple price rallied recently and settled above the $0.5050 support against the US Dollar. There was a break above a key bearish trend line with resistance at $0.5100 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp). XRP price is trading with a positive price action above $0.5100 and the 100 SMA (2-hours). Ripple Price Forecast

During the past few days, there was a solid upward move above the $0.4000 level in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.7000 level before starting a short-term correction.

Looking at the chart, the price formed a high at $0.7620 and later corrected below the $0.6000 and $0.5000 levels. There was also a break below the $0.4500 level, but buyers emerged near the $0.4340 level.

The price bounced back above the $0.5000 level and the 100 SMA (2-hours). Moreover, there was a break above a key bearish trend line with resistance at $0.5100 on the 2-hours chart of the XRP/USD pair.

The pair also moved above the 23.6% Fib retracement level of the last slide from the $0.7620 high to $0.4300 low. At the moment, the price is retesting the broken trend at $0.5200, which is acting as a support.

Below $0.5200, the price may well find support near $0.5050 and the 100 SMA (2-hours). As long as the price is above the 100 SMA (2-hours), there could be more gains above $0.5550. The next major resistance is near the $0.5950 level.

The stated $0.5950-0.6000 zone is near the 50% Fib retracement level of the last slide from the $0.7620 high to $0.4300 low. The current price action is positive for ripple above the $0.5000 level.

If buyers remain in action, there could be renewed buying interest towards the $0.6000 level in the near term.

The market data is provided by TradingView.

The post Ripple Price Analysis: XRP/USD’s Renewed Buying Interest appeared first on Ethereum World News.

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Ripple (XRP) на Currencies.ru

$ 2.0705 (+0.43%)
Объем 24H $3.245b
Изменеия 24h: -3.33 %, 7d: -5.75 %
Cегодня L: $2.0583 - H: $2.1107
Капитализация $124.917b Rank 4
Цена в час новости $ 0.5196 (298.48%)

ripple price above xrp usd against resistance

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