Ripple Price Forecast: XRP/USD Testing Crucial Support

Ripple price traded with a positive tone and broke the $0.8000 barrier against the US Dollar. XRP price is currently correcting lower and is testing a major support at $0.8000.

There was a solid support base formed near the $0.4500 level before ripple started an upside wave. The crypto market recovered during the past three weeks, which helped XRP as well. It moved up from the $0.4600 low to well above $0.9000 (data feed by coinmarketcap).

Ripple Price Forecast Takeaways:

• Ripple price settled above a crucial pivot zone at $0.8000 against the US Dollar.
• There is a significant bullish trend line forming with support at $0.7800 on the 4-hours chart of XRP/USD.
• The pair remains well supported on the downside near $0.8000 and $0.7800.

Looking at the chart below, there was a decent start of a bullish trend from the $0.4603 low. XRP price gained traction and moved above many resistances such as $0.6500 and $0.7000. More importantly, there was a break and close above the $0.8000 pivot level.

It traded above the $0.9000 level before forming a high at $0.9650. Later, a downside correction was initiated and the price declined below the 23.6% Fib retracement level of the last wave from the $0.4603 low to $0.9650 high.

It also broke the $0.8500 support and the 150 simple moving average (orange). However, the price is currently testing a major support at $0.8000 and the 100 simple moving average (green).

XRP/USD Analysis

There is also a significant bullish trend line forming with support at $0.7800 on the 4-hours chart of XRP/USD. Therefore, it won’t be easy for sellers to break the $0.8000 and $0.7800 support levels.

Below $0.7800, the next support is close to the 50% Fib retracement level of the last wave from the $0.4603 low to $0.9650 high at $0.7138.

Overall, the price is placed nicely above $0.7800. As long as ripple is above the stated support, it could bounce back above $0.8500. Buying dips remain a favored choice with a tight stop losses below $0.7800.

The cryptocurrency market is signaling positive signs. Major Cryptocurrencies such as bitcoin, Ethereum, bitcoin cash and ADA posted solid gains during the past few weeks. A few small cap coins such as Golem, VeChain, TRON, ICX and Bitcoin Private also did well.

Going forward, if bitcoin surges higher above $9,500 and Ethereum surpasses $700, there could be more gains in the crypto market.