1. Home
  2. /News
  3. /Ripple Price Analysis: Sellers Dominate Under $0.80

Ripple Price Analysis: Sellers Dominate Under $0.80

Arslan Butt•Monday, January 17, 2022•1 min read
  • A close above the $0.8000 level might send the price up to the $0.8500 mark
  • Ripple fell rapidly below $0.7500 and the 55-day simple moving average (4-hours)
  • According to the chart, the price of Ripple is currently trading below $0.7800 and the 55 simple moving average (4-hour)
After failing to break beyond the $0.8650 level, the ripple price began a new fall against the US dollar. The XRP/USD pair dropped below the $0.8500 support level, entering a bearish zone.

Ripple Live Rate

 

XRP/USD
The pair fell rapidly below $0.7500 and the 55-day simple moving average (4-hour). The pair has corrected higher after trading as low as $0.6986. Above the $0.7500 level, there was a recovery wave. The bulls drove the price above the 50% Fib retracement level of the decline from a high of $0.8650 to a low of $0.6986.On the 4-hour timeframe for the XRP/USD pair, there was also a break over a significant negative trend line, with resistance above $0.7600. The pair is currently trading below $0.7800 and the 55-day simple moving average (4-hour).

On the upside, the price is encountering resistance near $0.7800. The next major resistance is located near the $0.8000 level. It is approaching the 61.8 percent Fib retracement level of the decline from the upswing to $0.8650, to the low of $0.6986.

Ripple - XRP/USD Chart

A close above the $0.8000 level might send the price up to the $0.8500 mark. The next big resistance is located near $0.9500. Any further rises could push the price up to the $1.00 mark.

If there is no upward break over $0.8000, the price may resume its downward trend. The next major support mark is at $0.7350. Any further losses could push the price down to $0.7000 in the short term.

According to the chart, the price of Ripple is currently trading below $0.7800 and the 55 simple moving average (4-hour). Overall, if the price remains below the $0.8000 resistance, it may continue to fall. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
img
Ripple Fuels U.S. Crypto Adoption With $50M Grant to NCA
12 hours ago
img
Forex Signals Brief March 6: Tariff Talk Will Likely Undermine the ECB Today
12 hours ago
img
Upbit Biggest Player in XRP Market, South Korea high interest on Ripple
15 hours ago
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Add 3442

Add 3440

XM

Best Forex Brokers