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Ripple Liftoff Is In Preparations As Technical Breakout Emerges

Stefan by Stefan
08/09/2020
in Ripple News
Reading Time: 2 mins read
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Ripple’s Q2 Reports, xrp, coins, sold, market
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A Ripple liftoff is in preparations as the key technical breakout emerges and the price is forming strong support close to the $0.2295 against the US dollar. The XRP price is showing breakout signs and it could start a huge recovery wave above the $0.2450 as we are about to read further in our ripple XRP news.

A Ripple liftoff is happening as the price is up by 2% and it cleared a major technical breakout pattern against the US dollar as the price seems to be forming a decent support base close to the $0.2300 and $0.2295 level. There was a break above the crucial bearish level with the resistance near the $0.2380 on the 4-hour charts for the pair. The pair will likely increase towards the 100 simple moving average if it clears the $0.2450.

ripple xrp price
Ripple (XRP) price trades above $0.2400. SourceTradingView.com

This past week, there was a sharp decline in Ethereum and bitcoin and Ripple below key supports as the price broke the $0.2550 support level and settled below the 100 simple moving average. The new monthly low is formed close to the $0.2297 and the price seems to be forming a decent support base close to the $0.2300 level with positive price action and XRP increased above the $0.2320 pivot level. There was a break above the crucial bearish with a resistance close to the $0.2380 on the 4-hour charts for the pair. the pair is trading close to the $0.2450 resistance which is just below the $23.6% fib retracement level of the downward move to the high of $0.2297 low.

xrp price

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If there’s a clear break above the $0.2450 resistance, we could expect a sharp upward move. The next major resistance is close to the $0.2550 level. Any further gains will lead the price to the $0.2670 resistance level and it is close to the $50% Fib retracement level of the downward move from $0.3043 high to the $0.2297 low. If ripple fails to clear the $0.2450 level, there’s a risk of another decline. The initial support is close to the broken trend line at $0.2350.

The main support is close to the $0.2300 level below which the price will invalidate the recent breakout pattern so the bears could aim to a drop towards the $0.2200 support. The 4-hours MACD for the pair is moving into the bullish zone while the 4-hour RSI is below the 50 levels.

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Tags: Rippleripple liftoffRipple Price AnalysisRipple XRPripple xrp pricetechnical breakoutxrp priceXRP price analysis
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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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