Ripple Price Analysis: XRP/USD Pair Surges Past The 0.70 USD Mark 

Ripple gets the first bank from Oman on its RippleNet platform
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Ripple’s price surged further higher and broke through a significant hurdle at the 0.7000 USD level against the USD. The chart indicates a primary bullish pattern is forming with a 0.6700 support system on the XRP/USD pair on the hourly chart. As at press time the Ripple/USD pair is correcting lower near the 0.6800 USD and 0.6700 USD support levels. Ripple’s price has begun gathering upside momentum against Bitcoin and the USD. Although the pair remains to buy on dips close to the 0.6800 USD and 0.6700 USD supports. Let’s see how this scenario played out in the analysis below.

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Ripple Price Today: Current Price of XRP

Ripple Price Supports

Substantial support was gathering near the 0.6300 USD level in Ripple’s price against the USD. Prices started an upside shift and broke many hurdles on the way above such as the 0.6500 USD and 0.6800 USD supports. The virtual currency even succeeded in clearing through the 0.7000 USD barrier and traded up to the 0.7039 level. Later, more sellers appeared, and Ripple’s price began a downside correction beneath the 0.7000 USD level.

It then tested the 38.2% Fibonacci retracement level via the last wave beginning from the 0.6576 USD low to the 0.7039 USD high attained by the cryptocurrency in recent days. On the downside, supports exist above the 0.6500 USD level. There’s an initial support is near the 0.6800 USD level which was initially a resistance. Moreover, the 50% Fibonacci retracement level via the last wave starting from the 0.6576 USD low to 0.7039 USD high is situated near 0.6780 USD. There is a primary bullish pattern forming with support at the 0.6700 level of the pair on the hourly chart. As long as prices are above the 0.6700 USD trend line support, it stays buy on dips.

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From the chart, prices may correct in the near term to 0.6800 USD. Any significant decline below 0.6800 USD could be limited. A close above 0.7000 USD on the upside may clear the way for a surge towards 0.7200 USD.

 


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