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Ripple Price Analysis: Bearish Correction Before Bullish Rally

  • The Price of Ripple hits a weekly high of $0.2872 against the US dollar on 8th October, XRP seems floating in the bullish zone after correcting gains.
  • Ripple is currently trading at the value of $0.278970 against the US dollar.
  • Support for XRP/USD pair found at $0.2720, $0.2700, and $0.2650.
  • Resistance for XRP/USD pair found at $0.2800, $0.2850 and $0.2920.

Current Price Status of Ripple: Currently, the currency is trading at the value of $0.278970 and its value is increasing by 1.37%. The market capitalization of the currency is $12,042,227,737 and the 24-hour volume of the XRP is $1,373,217,032. The circulating supply of the currency is 43,166,787,298 XRP and the ROI of the currency is 4,649.36%.

Price Analysis of XRP: Ripple is starting to show the bearish correction in the price against USD and BTC yesterday. The experts are thinking that the currency could re-test the support levels of $0.2700 and $0.2650, then it will go for the bullish run of $0.28. Yesterday, the currency’s value went above the resistance of $0.2650 and it even breaks out the resistance levels of $0.2720 and $.2750.

The currency has broken overhead the value of $0.2800 and then hourly SMA of 100-day. The Ripple’s value also examined the region of resistance near the value of $0.2850, but unfortunately, the bearish correction started here after forming high at a value of $0.2855. The bearish broke the support levels of $0.2800 and $0.2750, also the support level of $0.2720 acted as strong support and today the currency crossed the resistance of $0.2750 (previous support).

The currency is trading overhead the fib retracement level of 50% of the present drop from the high of $0.2855 to low of $0.2710. Ripple also formed a low value of $0.2710 yesterday. The value of $0.2800 is acting as a strong hurdle for the bullish rally. Also the fib retracement level of 61.8% of the present drop from the high of $0.2855 to low of $0.2710 is there as a resistance.

Price Prediction of XRP/USD: On the hourly chart of the pair of XRP/USD, the currency is forming a short-period breakout structure along with the resistance close to the value of $0.2800. If the currency will be able to break above the value of $0.2800, then it would be able to touch the resistance of $0.2850. If the bulls run continue after this then it could achieve the price of $0.2950 and $0.3000. Unfortunately, if the currency’s value drop then it could go below the support of $0.2720 and $0.2700 and the currency’s bearish might continue. The next important support level is $0.26650 and an hourly SMA of 100-days.

The experts are positive if the value will first test the price of $0.2700 and $0.2650 in the short term and then it will start gaining need heights and achieve the values of $0.2800, $0.2850 and $0.2950. The MACS is gaining the bullish region support and the RSI is overhead 50 level. The main support levels are $0.2720, $0.2700, and $0.2650 and the resistance levels are $0.2800, $0.2850 and $0.2920.

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About Arushi Dubey

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Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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