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XRP Holds Strong At $0.30 Enhancing The Upside Possibility: Analysis

Stefan by Stefan
17/08/2020
in Ripple News
Reading Time: 2 mins read
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XRP holds strong at $0.30 still trading in a positive zone above the $0.2920 support zone against the US dollar. The price is likely to continue higher if it manages to clear the $0.3055 resistance zone so let’s find out more in the latest Ripple XRP news.

Ripple gained bullish momentum and traded above the $0.2920 pivot level against the USD and the price is now trying to clear the $0.3055 trading above the 100 hourly SMA. There’s also a key bullish trend line that is forming close to the $0.2960 level for the pair which could start a strong increase once it surpasses the main $0.3055 resistance zone. After forming a support base close to the $0.2750 XRP started a fresh upward move and the price even broke the $0.2850 and $0.2920 resistance zones which led the asset into the positive zone.

xrp price
Ripple price above $0.2950. Source TradingView.com

XRP holds strong above this level as the bulls are seemingly facing an uphill task close to the $0.3055 and the $0.3060 level. The recent high was formed close to the $0.3074 and the price is consolidating the gains.
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It dropped below the 23% Fib retracement level from the $0.2299 low to the $0.3074 swing high so it seems like the price is holding a few important zones. There’s also a key bullish trend line that was forming close to the $0.2960 support line on the hourly charts of the pair while below the trend line the 100 hourly SMA is close to the $0.2950. The main support is forming to the $0.2920 level.

xrp daily
Ripple XRP 24-Hour Price (Source: Coingecko)

On the upside, Ripple faces another resistance close to the $0.3055 which is a successful close above the $0.3055 and the $0.3060 which could open the doors for a stronger rise in the upcoming session. There’s also a crucial support base forming close to the $0.2920 level so if ripple fails to stay above 2920 level so if ripple fails to stay above $0..
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2920 it could test the 50% fib retracement level from the $0.2299 low to the $0.3074 swing high. Another loss could spark a downside and break the price to the downward trend to $0.2810 support levels.

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The hourly MACD for the XRP/USD pair is moving in the bullish zone while the RSI for the pair is above the 50 levels. The biggest support levels include $0.2960, $0.2950, and $0.2920.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: featuredprice analysisRippleripple analysisripple movementripple priceRipple Price Analysisripple upsideXRPxrp price
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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