Ripple Price Analysis: Can XRP/USD Hold $0.6500?

Ripple price declined recently and topped near $0.7500 against the US Dollar. XRP price must stay above the $0.6500 support level to stay in a positive zone.

The past few days were mostly choppy as the cryptocurrency market saw swing moves. Bitcoin price recovered from the $8,000 support, but it could not move above $9,000. Similarly, XRP price bounced towards the $0.7500 resistance area where sellers emerged (data feed by coinmarketcap).

Ripple Price Analysis and Trend:

• Ripple price is forming a broad range pattern with support at $0.6500 and resistance near $0.7500 against the US Dollar.
• There is also a contracting triangle in place with resistance near $0.6800 on the 4-hours chart of XRP/USD.
• The pair may trade in a range before making the next move either above $0.7000 or below $0.6500.

Looking at the chart below, XRP/USD struggled after forming a top above the $0.9000 level. It declined sharply and broke the $0.8000 and $0.7000 support levels. However, the downside move was protected by a crucial support at $0.6500.

The price bounced once from the $0.6500 support and traded above the 23.6% Fib retracement level of the last decline from the $0.9330 high to $0.6270 low. However, the upside move was capped by the $0.7500 barrier.

Moreover, the 38.2% Fib retracement level of the last decline from the $0.9330 high to $0.6270 low also acted as a resistance. The price trimmed most of its gains and settled below $0.7000 and the 55 simple moving average (orange, 4-hour).

However, the price is still holding the $0.6500 support. It seems like there is a contracting triangle in place with resistance near $0.6800 on the 4-hours chart of XRP/USD. The pair may soon make the next move either above $0.7000 or below $0.6500.

An upside break above $0.7000 could open the doors for a test of $0.7500. On the other hand, a downside break below $0.6500 may perhaps put sellers in control. The next major supports below $0.6500 are at $0.6200 and $0.6000.

Looking at the other major cryptocurrencies, there are a few bearish signs. BTC/USD is trading near $8,300 with a strong barrier at $8,500. Ethereum price is down and it broke a crucial support at $700.00.

Other altcoins such as TRX gained traction recently as the TRON mainnet launch is scheduled later this month. A few other altcoins to watch out could be ICX, ADA, GNT, NEO, WTC, STRAT and CMT.