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

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Two healthy support levels are keeping BTC/USD above $9,000

After three immensely bullish days, the bears stepped back in to correct the BTC/USD market. This Tuesday, the buyers spiked BTC/USD from $8,890 to $9,401, before the bears adjusted the price to $9,330.45 in the early hours of Wednesday.

More Bitcoin News

Ethereum Classic Price Analysis: ETC/USD breaks past $11.50-level

ETC/USD charted four straight bullish days to go up from $8.44 to $11.65, going past the $11.50-level, in the process. The last time ETC/USD was trending around this level was back in September 2018.

More Ethereum Classic News

XRP/USD must breach Ichimoku cloud to re-enter the $0.25 zone

This Tuesday, XRP/USD went up from $0.23 to $0.239 this Tuesday. However, the bears were able to take charge in the early hours of Wednesday and correct the price to $0.2387. To re-enter the $0.25 zone, the price must breach the red Ichimoku cloud.

More Ripple News

LTC/USD sustains gains within a rising channel, jumps above $60

Litecoin is among the cryptocurrencies struggling to sustain the gains accrued during the Asian session on Wednesday. The price zoomed past the $60 resistance towards the end of the Asian session on Tuesday. However, the momentum to the north ...

More Litecoin News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast