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Ripple Price Analysis: Nearby Key Support, Breakout in Sight

Like bitcoin, Ripple is trading in a positive zone above $0.7000 against the US Dollar. If the price of XRP breaks through the $0.8200 barrier zone, it may continue to rise.

Analysis on the Ripple Price

In the last few days, the ripple price has accelerated and broken through a number of barriers at $0.7000 versus the US dollar. The XRP/USD pair even went through the $0.8000 barrier level to enter the green zone.

Finally, the price rose above the $0.9000 mark. Before the downside adjustment, a high was achieved near $0.9165. The support levels of $0.8650 and $0.8500 were broken. A move below the 23.6 percent Fib retracement level of the upward run from the $0.5894 swing low to $0.9165 high was also seen.

It is currently trading above $0.7500 and the 55-day simple moving average (4-hours). Near the $0.8200 level, there is instant resistance. On the 4-hours chart of the XRP/USD pair, a significant contracting triangle is forming with resistance near $0.8200.

Near the $0.8500 level, Ripple next major resistance is found. Any further gains could push the price over $0.9200. If no upside break occurs above $0.8200, the price may continue to fall.

Near the $0.7900 level, there is immediate support on the downside. Near the $0.7520 level, the next important support is found. Ripple upward trend from the $0.5894 swing low to $0.9165 high is nearing the 50% Fib retracement level.

Any further losses could push the price down to $0.7000 in the near future.

Source Ripple Price – TradingView
The price of ripple is now trading above $0.7500 and the 55 simple moving average on the chart (4-hours). Overall, if the price clears the $0.8200 resistance level, it may continue to rise.

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