Ripple price analysis: XRP/USD ignores the bears and extends gains in bleeding market

  • Ripple price jumps more than 2% on Friday ignoring the bears.
  • It is vital that XRP/USD finds a support above $0.440 in order to allow higher corrections beyond $0.450.

Ripple is correcting higher, although the momentum has slowed down at the time of writing. The charts are indicating a 2.19% jump in value on the day. Besides, it bounced from trading lows of $0.4257 during the Asian trading hours on Friday. There was a spike in an engulfing candle but the resistance at the 23.6% Fib level with the last drop from $0.464 to a low of $0.425 prevented further movement above $0.4350. XRP/USD reacted lower but the downside was protected at $0.430.

The buyers were not done yet, they staged another upside breakout that made it above $0.4450 before running into the trendline resistance at $0.4463. XRP/USD is currently consolidating a bullish flag pattern pending another upside breakout.

The 50% Fib level is currently limiting gains on the upside slightly above $0.440 while the 50 simple moving average is positioned to offer support at $0.4370. There is a stronger support at $0.4350 but there are a couple of more demand zones at $0.4292 and $0.4257. XRP/USD is to break the resistance at $0.440 and sustain recoil above the trendline resistance for it to re-attack $0.450 in the short-term.

Ripple is the third largest crypto with a market capitalization of $17.2 billion. It’s trading volume short up to $323 million on August explaining the selloff. The trading volume has, however, and is currently at $251 million.

Ripple price analysis

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: All eyes on the $8,530 support line as BTC/USD sinks

BTC/USD is on course for charting three bearish days in a row. The sellers dropped the price of BTC/USD from $8,764.45 to $8,631.70 this Thursday. So far this Friday, BTC/USD has fallen further to $8,601.15.

More Bitcoin News

Altcoin segment: bullish war drums

Sunny King, the creator of the consensus protocol Proof of Stake (PoS), has stated in a recent interview that Bitcoin has a vital role as a reference value in the crypto-verse, but that the highest growth potential is in the Altcoin segment.

More Cryptocurrencies News

ETH/USD hovers around $185.00, vulnerable to further losses

ETH/USD is trading at $185.27 at the time of writing, having recovered from the intraday low of $184.11. The second-largest digital asset with the current market value of $18.8 billion has lost 1.34% of its value since the beginning of Thursday and stayed mostly unchanged on a day-to-day basis. 

More Ethereum News

Ripple price prediction: XRP/USD smashes below critical support of $0.2700 – Confluence Detector

Ripple’s XRP extended thee sell-off to $0.2633 on Thursday. The coin is moving in sync with the market, controlled by bearish sentiments. A sustainable move below $0.2700 support bodes ill for XRP's short-term forecast, making it vulnerable to further losses.

More Ripple News


Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast