- Ripple price has recovered nicely from the $0.5740 swing low against the US dollar.
- XRP to USD is currently facing two important resistances near $0.7600 and $1.0000.
- The price has to break the $1.0000 pivot level to gain further momemtum.
Ripple price is back in action with a break above the $0.6000 level against the US dollar. However, XRP/USD is currently facing an uphill task to gain momentum. Let’s understand why.
We all saw a major slide in the cryptocurrency market this past week as all major coins such bitcoin, Ethereum, ripple and bitcoin cash fell sharply. Later, the market calmed down and prices recovered. BTC/USD also managed to recover, but it is facing a major resistance as mentioned in yesterday’s bitcoin price forecast.
Ripple Price Prediction and Analysis
Similarly, XRP to USD succeeded in recovery from the $0.5740 swing low. However, it is also facing a crucial barrier on the upside near $0.7600 and $1.0000. Its market cap is currently steady near $29,777,177,790 as per data provided by coinmarketcap.
Looking at the 4-hours ripple price chart, there are two important bearish trend lines forming with resistances near $0.7600 and $1.0000. At the moment, the price is above the $0.7000 level, but it is facing sellers near the first trend line.
Moreover, the 23.6% Fibonacci retracement level of the last major drop from the $1.4000 high to $0.5740 low is near the same trend line and acting as a resistance. There are chances that buyers would succeed in breaking $0.7600, but they might struggle to break the second trend line (also discussed in the ripple price weekly forecast).
The upper trend line near $1.0000 is close to the 50% Fibonacci retracement level of the last major drop from the $1.4000 high to $0.5740 low. Moreover, the 100 hourly simple moving average (green, 4-hours) is also near $0.9950.
Clearly, the $1.0000 is a major hurdle for more gains in the near term. Ripple price prediction and the next move depends on whether the price succeeds in breakings the $1.0000 level or not.
On the downside, there are many supports such as $0.6500 and $0.6000. Any major downside would depend on how other cryptocurrencies perform in the near term.
Trade safe traders and enjoy the ride!!!