Ripple Price Analysis: Ripple (XRP) Correcting Itself Higher Against the USD after Trading As Low As $0.66

Ripple gets the first bank from Oman on its RippleNet platform

The value of Ripple (XRP) is gradually correcting itself higher against Bitcoin and the U.S. dollar. The XRP/USD pair is presently struggling to break 70 cents and the 100 hourly simple moving average with a couple of positive signs.

The Resistance of Ripple Price

After a significant decline in its value yesterday below the 70 cents mark, the value of the digital currency found support above the $0.65 mark against the USD. The value of Ripple traded as low as 66 cents before buyers appeared.

Later on, the digital currency began an upward movement and traded above the resistance level of $0.675. The digital currency also traded above the 38 percent Fibonacci retracement level the previous decline from the high of 75 cents to the low of 66 cents.

The Current Value of Ripple (XRP)

Presently, the digital currency is trading with a little bullish angle over $0.68. There is also an upward movement forming with the present support at $0.69 on the hourly chart of Ripple against the US dollar. Nevertheless, the digital currency seems to be finding it difficult to break the resistance at $0.71 and the 100 hourly SMA.

Also, the 62 percent Fibonacci retracement level of the previous decline from the high of $0.75 to the low of $0.66 is acting as a level of resistance close to $0.715. A break above the resistance levels of $0.71 and $0.715 might well pave way for more gains towards 74 cents in the close term.

Based on the hourly chart of the digital currency, the value is nicely above the 68 cents mark, but a break over 100 hourly simple moving average is necessary for buyers to take charge. In a nutshell, the MACD for ripple against US dollar is somewhat in the bullish zone. The key support level is $0.69, and the key resistance level is $0.715.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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