Ripple price analysis: XRP/USD staying above key support; breakout looms
|- XRP/USD buyers managed to defend $0.3040 support following Monday’s correction from weekly highs at $0.31669.
- Ripple is primed for gains but first, it must reclaim $0.3080 support and push towards $0.3200.
The 15-minutes chart for XRP/USD trading pair shows the formation of a new support zone following the brief recovery on Monday. Although Ripple could not trade above $0.3200, the buyers managed to defend the support at $0.3040 in the correction that followed after a high was formed at $0.31669.
The falling trendline resistance is also capping the movement to the upside while $0.3080 is the immediate hurdle. XRP/USD is trading at $0.3075 at the time of going to press. It is above both the 50 Simple Moving Average (SMA) and the 100 SMA. Besides, a double cross is soon occurring with the 50 SMA moving above the 100 SMA to show that the bulls are gaining traction.
Technical indicators suggest an incoming bullish breakout. The slow stochastic oscillator has changed direction upwards confirming the bullish breakout that impends. XRP must correct above the trendline resistance, establish support above $0.3080 for a possible movement towards $0.3100 and $0.3200.
XRP/USD 15-minutes chart
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