Ripple price moved into a bullish zone above $0.6950 against the US Dollar. XRP/USD could continue to move in an uptrend as long as it is above $0.6650.
Key Talking Points
- Ripple price traded higher during the past two days and moved above $0.7200 against the US Dollar.
- There are two important bullish trend lines forming with support at $0.6850 and 0.6650 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair remains in a key uptrend as long as it is above the $0.6650 support level.
Ripple Price Forecast
This week was mostly positive since Ripple price broke the $0.6400 and $0.6700 resistance levels against the US Dollar. The XRP/USD pair was successful even in clearing the $0.7200 barrier during the past three sessions.
It traded as high as $0.7405 to set the pace for more gains. At the moment, a downside correction is underway from the $0.7405 high. The price has moved below the 23.6% Fib retracement level of the upside wave from the $0.6355 low to $0.7405 high.
A key support is positioned around the $0.6950 level, which was a resistance earlier and now it will most likely serve as a support. Below $0.6950, the price could test the 50% Fib retracement level of the upside wave from the $0.6355 low to $0.7405 high at $0.6870.
Further below, there are two important bullish trend lines forming with support at $0.6850 and 0.6650 on the 2-hours chart of the XRP/USD pair. The second trend support at $0.6650 holds a lot of importance for the current trend.
As long as the pair is above the mentioned $0.6650 support, ripple price remains in an uptrend. Should there be a downside break below $0.6650, the price may perhaps retest the last swing low of $0.6355.
On the other hand, an upside move is certainly on the cards above $0.7400. A push above the stated $0.7400 level may probably clear the path for further gains toward $0.8000.
Trade safe traders and do not overtrade!