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Ripple analysis: recovery may target $0.3000 level

By Nathan Batchelor

12:18, 6 March 2020

Ripple analysis

Ripple has finally started to stabilise, after the third-largest cryptocurrency by market capitalisation found strong technical support from just above the $0.2200 level.

Ripple analysis shows that that cryptocurrency could test back towards the $0.3000 level if bulls can gain traction above the $0.2500 level.

Ripple medium-term price trend

Ripple has started to consolidate in a narrow price range over recent days, after the XRP/USD retraced over 30% from the current 2020 trading high.

The broader cryptocurrency market has also started to appear more bullish over recent days, although crypto traders remain cautious after the late-February market pullback.

Ripple price analysis shows that a breakout above the $0.2500 level could see the cryptocurrency testing back towards the $0.3000 level.

A move above the $0.2500 level would push the XRP/USD above its 200-day moving average, and encourage the notion that a major technical bottom was formed last week.

Key medium-term resistance prior to the $0.3000 level is located at the $0.2800 and $0.2930 levels.

It is also noteworthy that Ripple’s key 50-day moving average is located slightly above, around the $0.2550 level.

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Ripple short-term price trend

Ripple technical analysis shows that the cryptocurrency is likely bearish over the short-term while price trades below the $0.2680 level.

A number of patterns are starting to develop across the lower time frames that suggest that a rally towards the $0.2680 level may be forthcoming. 

Looking at the four-hour time frame a bullish inverted head-and-shoulders pattern with $0.0200 upside potential will be triggered if the $0.2480 level is breached.

A large bull-flag pattern is also seen across the lower time frames, with the bottom of the pattern located around the $0.2380 level.

Gains above the $0.2380 level could see buyers testing towards the top of the bull pattern, around the $0.2990 level.

Ripple technical summary

Ripple technical analysis indicates that the cryptocurrency could start to push higher after trading sideways for numerous days. A move above the $0.2480 level could encourage a rally towards the $0.3000 level.

Read more: Ripple price prediction: where next for XRP?

Markets in this article

XRP/USD
Ripple / USD
2.20367 USD
0.00447 +0.200%

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