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XRP Indicators Signal Fresh Increase To $0.26 Level: Price Analysis

Stefan by Stefan
26/10/2020
in Ripple News
Reading Time: 2 mins read
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XRP indicators signal a fresh increase above the $0.26 level as it corrected lower from the $0.2640 but they found support near the $0.2510 against the US dollar. In today’s Ripple price news, we take a closer look at the price analysis.

Ripple remained well bid above the $0.2500 level and the $0.2510 support levels against the US dollar. The price is now above the $0.2550 resistance and the 100 hourly simple moving average. There was a break above the major bearish trend line with resistance near the $0.2555 on the hourly charts of the pair as it could likely continue higher if it clears the $0.2585 and the $0.2590 resistance levels. Over the past week, we saw a sharp increase in Ripple’s price above the $0.2500 resistance area and the price even surged above the $0.2600 resistance and settled well above the 100 hourly simple moving average.

xrp/usd
Source XRP/USD on TradingView.com

The cryptocurrency traded in a new monthly high near the $0.2640 before starting a downside correction with a break below the $0.2600 and the $0.2550 support levels. The bulls were able to defend the $0.2500 support zone as well. Ripple’s XRP traded to a new monthly high near $0.2640 before starting a downside correction. There was even a break below the $0.2600 and the $0.2550 levels but the bulls also managed to defend it. a new support base seems to be forming close to the said level as the price is now climbing higher. There was a break above the $0.2550 level with a break of the bearish trend line with resistance near the 2550 level with a break of the bearish trend line with resistance near the $0..
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2550 on the hourly charts of the pair.

The XRP indicators signal a new movement as XRP traded as high as $0.2590 and it is now correcting lower. It is testing the $0.2565 level and the 100 hourly simple moving average. The initial support is near the 50% fib retracement level of the increase at the $0.2518 low to the $0.2590 high. The next major support is near the broken trend line with the 61.8% fib retracement level of the increase at $0.2518 swing low to $0.2590 high. On the upside, the bulls are facing a minor hurdle at the $0.2590 level.

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xrp daily
Ripple’s XRP 24-hour Price Chart (Source: Coingecko)

A successful break above the $0.2590 resistance could set the pace for another increase above the $0.2600 level with the next key resistance being near $0.2620. the first key support for ripple is close to the $0.2550 level and the broken trend line but a successful break below the $0.2500 support could put a lot of pressure on the bulls. In the stated case, the price could decline to the $0.2450 support level.

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Tags: price analysisRippleripple indicatorsripple priceRipple Price Analysisxrp indicatorsxrp 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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