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!
Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.